Bitcoin climbed above $70,200 on Monday for the first time since March 25, as a report that the US and Iran are negotiating a 45-day ceasefire sent risk assets sharply higher across global markets.

Bitcoin (BTC) reclaimed $70,000 on Monday for the first time in nearly two weeks, rising more than 3.5% to a peak of $70,200 as Axios reported that the US, Iran, and a group of regional mediators are discussing terms for a potential 45-day ceasefire. The report, citing four US, Israeli, and regional sources, sent fresh capital flowing into risk assets on the first trading day after Easter.

Ethereum climbed as much as 5.1% alongside Bitcoin, while the total crypto market cap crossed back above $2.5 trillion. Major altcoins followed, with SOL, XRP, and DOGE all registering gains.

Islamabad Accord Puts Ceasefire Talks on the Map

Pakistan is brokering what sources describe as the “Islamabad Accord,” a two-phase deal that would begin with a 45-day ceasefire and transition into negotiations for a permanent end to the conflict. The plan also envisions the reopening of the Strait of Hormuz, the key shipping lane that has remained closed since the war began six weeks ago.

A White House official confirmed the proposal is under active consideration but told reporters: “The President has not signed off on it. Operation Epic Fury continues.” Trump, who extended his strike deadline on Iran to Tuesday at 8 pm ET, told Axios he is “in deep negotiations” with Tehran, adding: “There is a good chance, but if they don’t make a deal, I am blowing up everything over there.”

Six Weeks of Conflict Have Kept Crypto Range-Bound

The US-Iran war has kept roughly 20% of global crude supply constrained behind the closed Strait of Hormuz, sustaining oil prices at elevated levels and dampening risk appetite since the conflict began. Bitcoin had already been weighed down by weeks of escalation headlines, with the asset trading within a $65,000 to $73,000 range even as ceasefire rumors produced repeated short-term spikes. Prior diplomatic attempts collapsed after Iran rejected earlier terms, keeping the strait closed and pressure on risk markets intact.

$273 Million in Shorts Cleared, Open Interest Signals Fresh Capital

Coinglass data shows $273 million in bearish crypto bets were liquidated within 24 hours of the ceasefire reports surfacing. Short positions made up the overwhelming majority of losses, reflecting how heavily traders had positioned for further downside heading into the holiday weekend.

Bitcoin’s notional open interest rose 7%, and Ethereum’s climbed 11%, both outpacing spot price gains. As crypto.news noted, rising open interest alongside positive funding rates suggests fresh capital entering the market rather than a pure short squeeze. Polymarket currently gives the ceasefire roughly 30% odds by April 30, up from 18% before the Islamabad Accord came to light.

Whether the deal clears Trump’s Tuesday deadline remains the critical variable. Any breakdown in talks risks an immediate reversal, with analysts flagging $65,000 to $66,000 as the key support zone to watch if ceasefire optimism fades.