Crypto Market: Bitcoin Jumps 4% to $71,700, Ethereum Soars 6.7% Following Ceasefire in Iran

Synchronized rebound driven by Ethereum, Cardano, and Solana

Bitcoin is trading at $71,722, up 4.07% over 24 hours, after reaching $68,917 the previous day. This movement extends the momentum already observed on April 7 (+4.46%), pushing the price to its highest level since mid-March, when it briefly flirted with $74,884.
The altcoins significantly amplify this trend. Ethereum shows the largest increase in the panel with +6.7%, at $2,255, following a seven-day sequence during which ETH consistently outperformed BTC — with the weekly correlation remaining high but with a beta clearly greater than 1. Cardano rises 6.47% to $0.26, while Solana gains 5.67% to $84.60.
This collective rebound follows a period of marked weakness between late March and early April: Bitcoin fell nearly 12% between its peak on March 16 ($74,884) and its low on March 29 ($66,010). The current recovery offsets a significant portion of this decline, but the price remains well below its 200-day moving average, which stands at $88,937.

Technical Indicators Still in Neutral Zone Despite Acceleration

Despite the magnitude of the movement, momentum indicators do not signal overheating. Bitcoin's RSI stands at 59.25, a strong recovery from the 28.11 recorded on March 30 — a level that indicated a pronounced oversell at the time — yet still distant from the overbought zone. Ethereum's RSI is at 60.83, consistent with a recovery in progress without signs of overheating.
For altcoins, the RSIs for Solana (51.42), Ripple (51.56), and Binance Coin (49.67) hover around neutrality, explaining the technical sell signals issued for these three assets, whose prices remain below their respective 50-day moving averages. Solana, at $84.60, is hovering just below its 50-day MA at $85.46, a level whose breakthrough could alter the short-term outlook.
On the macro level, the VIX, recently noted at 23.87, showed a slight decline of 2.73% — an equity volatility level that remains above the historical average.
Bitcoin is approaching its identified technical resistance at $76,000, a level that will serve as a critical test for the continuation of the movement.