Bitcoin (CRYPTO: BTC) tapped $72,000 on Wednesday, renewing speculation about a potential run toward $90,000 as market sentiment turns more optimistic.

Ceasefire Spurs Market Confidence

In an email comment on Wednesday, CoinBureau CEO and co-founder Nic Puckrin said markets are reacting as if the conflict has ended, though uncertainty remains.

Key questions include the ceasefire's durability and the status of the Strait of Hormuz.

Oil prices have eased to around $93, which could help ease inflation pressures. However, sustained prices above $90 may still drive inflation higher in upcoming data.

For Bitcoin, the situation has provided a short-term boost. However, the asset faces strong resistance near $71,000. A breakout above that level could open the door to a move toward $90,000, though the recovery remains fragile.

Ethereum (CRYPTO: ETH) also climbed to a three-week high of $2,250, according to data from Santiment.

Social data indicates a rise in crypto-related discussions centered on the war ending, suggesting growing optimism that could support broader market gains.

Trading Activity Surges On Binance

Data from CryptoQuant shows a sharp increase in Bitcoin activity on Binance derivatives, with about $2.7 billion in taker buy volume recorded within two hours of the announcement.

The surge suggests aggressive short-term repositioning by traders and a constructive outlook for Bitcoin. However, sentiment remains highly sensitive to developments in the geopolitical landscape.

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