Bitcoin spent weeks stuck below $70,000. One headline changed that.

The largest crypto jumped 4.5% to $72,634 on Wednesday after Trump announced a ceasefire with Iran. It was Bitcoin's highest price since mid-March and a weekly gain of 8.6%.

Short Sellers Got Crushed

The rally triggered mass wipeouts. More than $600 million in futures bets were erased in 24 hours. Short sellers - traders betting prices would drop - lost $420 million of that.

Ether climbed 6% to $2,250. But bigger moves came lower down. XRP, Solana, Dogecoin, and Chainlink all jumped. Zcash surged 28%.

Why Crypto Moved With Stocks

Crypto rallied for the same reason stocks did - the ceasefire sent oil down, which eased price fears and boosted hopes for Fed cuts. Lower rates push investors into risky assets like crypto.

The total crypto market hit $2.52 trillion. That's wide work, not just Bitcoin doing it.

What to Watch

The next level to beat is $74,000 to $76,000. A close above $76,000 would confirm a bullish pattern that could aim for $85,000 to $90,000.

But not all agree. Jeff Mei from BTSE exchange said a real rally depends on how oil supply bounces back and if the Fed cuts rates.

The ceasefire gave crypto a spark. Whether it becomes a fire depends on what happens next.