Bitcoin moved back above $69,000 twice on April 1 as traders reacted to stronger expectations of a diplomatic easing between the United States and Iran. Early in the session, bitcoin traded in a choppy range between $67,500 and $68,200. It then broke higher late in the morning and reached an intraday high of $69,268, only to slip back below $68,000 by 10 a.m. EST as profit-taking hit the market.
A second push came around 1 p.m. EST, when bitcoin briefly reclaimed the $69,000 level again before settling. By 1:30 p.m. EST, it was changing hands near $68,500, up roughly 1% over 24 hours. The rebound lifted bitcoin’s market capitalization to $1.37 trillion and pushed the total crypto market value to $2.44 trillion.
Liquidations hit leveraged traders as price failed to hold highs
The sharp intraday swings flushed out crowded positions across the derivatives market. Total crypto liquidations rose above $257 million, with short positions accounting for $157 million, or 61% of the total. Bitcoin-related liquidations came in at $58 million, well below Tuesday’s $160 million wipeout.
The pattern pointed to a fast reset in leveraged exposure rather than a clean breakout. Each move above the key round number drew selling pressure, and the market struggled to keep momentum once the initial burst faded.
Equities surged worldwide while Brent crude dropped below $100
Bitcoin’s gain was relatively modest compared with the reaction in traditional markets. Hopes that tensions in the Middle East could ease sent risk assets sharply higher across regions. In Asia, South Korea’s Kospi jumped 8.4%. In Europe, Germany’s DAX rose 2.6%, leading major indexes there.
Oil also moved in the opposite direction. Brent crude fell below $100 per barrel, a development seen as easing pressure on inflation-sensitive markets. That combination — stronger equities and softer crude — helped create the backdrop for bitcoin’s retest of $69,000.
Caution remains as formal talks have yet to materialize
Even with the rally, some institutional analysts stayed guarded. The report noted that without formal face-to-face negotiations between Washington and Tehran, the move could still prove temporary. A breakdown in communication could renew concerns around the Strait of Hormuz and send fresh shocks through energy and trade flows.
On a broader timeline, bitcoin’s late-March recovery was enough to leave the month in positive territory. Still, the first quarter of 2026 closed in the red, with bitcoin down more than 20%. That leaves the April 1 bounce as a notable recovery session, but not yet a full reversal of the quarter’s decline.