Bitcoin is trading at $69,230 this morning, up 3.47% in the last 24 hours, after an Axios report confirmed that the US and Iran are in active discussions over a potential 45-day ceasefire, with Pakistan, Egypt, and Turkey serving as mediators. Short sellers absorbed the first hit: $196 million in liquidations in 24 hours, with shorts outnumbering longs nearly 3 to 1.

The move pushes Bitcoin toward the top of the $65,000 to $73,000 war range it has been trapped in for five weeks.

Bitcoin Price Level You Need to Watch

Michaël van de Poppe just laid it out.

“If Bitcoin breaks $71K, then markets are in for a test at $80K,” he wrote on X.

The reasoning behind it: volatility is picking up, and he believes the Strait of Hormuz…