End of Five Months of Decline, 68K Level Regains Upward Momentum

Geopolitical easing ignites risk appetite

On April 1, 2026, the crypto market experienced a long-awaited broad rally. Bitcoin broke through the $68,000 level in the past 24 hours, reaching over $68,500, ending its previous five-month decline, and recording its first monthly increase since September last year.

The core driver of this rally comes from the easing expectations of Middle East geopolitical tensions. Iranian President Ebrahim Raisi recently stated that Iran is willing to cease hostilities against the US and Israel if certain guarantees are met. Meanwhile, US President Trump also signaled an intention to end military operations. These signals directly boosted global risk asset sentiment—US stock indices surged over 2% overnight, with the S&P 500 posting its largest single-day gain since May last year.

As a typical macro risk asset, Bitcoin has shown a correlation with the Nasdaq index. Pratik Kala, portfolio manager at digital asset hedge fund Apollo Crypto, said, “The market is anticipating that Trump wants to exit this war, and Bitcoin is showing strong resilience around the $68,000 level.”

Market Sentiment and Capital Flows

According to CoinGlass data, Bitcoin’s current price is approximately $67,844, with a market cap above $1.35 trillion. The 24-hour spot trading volume is about $6.145 billion, and futures trading volume has reached $73.3 billion. Notably, despite the rising spot price, the options market at the $60,000 strike still has over $1.5 billion in put options, indicating some funds are hedging against potential downside risks.

Glassnode’s latest report states, “Although the market environment remains fragile, the easing of selling pressure and stabilized capital flows suggest that a potential rebound is forming, but stronger demand is still needed to confirm a sustained trend change.”
$BTC

From a broader macro perspective, the US dollar index ended its five-day rally after signals of US-Iran détente, falling below the 100 level, further supporting Bitcoin priced in USD. As geopolitical risk premiums decline and global risk appetite recovers, Bitcoin’s battle around the 68K level is entering a new phase.
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