Bitcoin (CRYPTO: BTC) surged 5% after the White House announced a two-week U.S.-Iran ceasefire, yet ETFs bled $159 million on April 7.

The Ceasefire Rally

Bitcoin briefly rose to $71,700 on Wednesday morning, marking its highest point since March 18. 

Ethereum (CRYPTO: ETH) posted a 6% gain to $2,238, XRP (CRYPTO: XRP) rose 3.5% to $1.37, and Solana (CRYPTO: SOL) added 6.5% to $84.81.

The price surge coincided with President Trump’s announcement that the U.S. and Iran agreed to a “double-sided ceasefire” for two weeks. 

Trump previously warned of “complete demolition” of Iran’s power plants and bridges if Iran didn’t reopen the Strait of Hormuz by Tuesday.

“The reason for [ceasefire] is that we have already met and exceeded all military objectives, and are very far along with a definitive agreement concerning long-term peace with Iran,” Trump wrote. 

Iran confirmed it will allow safe passage through the Strait of Hormuz.

The closure of the world’s most critical oil gateway had caused extreme volatility in crude oil prices and global supply chain disruptions.

The ETF Exodus

April 7 saw $159.05 million in net outflows despite the price rally. 

BlackRock’s IBIT (NASDAQ:IBIT) shed $17.11 million, Fidelity’s FBTC (BATS:FBTC) lost $47.85 million, and Grayscale pulled $41.89 million. Only Valkyrie’s BRRR recorded a modest inflow of $2.32 million.

Total net assets slipped to $88.71 billion. Institutional money is not chasing this bounce yet.

BTC Key Levels for April 8

Bitcoin trades around $71,600 after spiking toward $73,000 and getting rejected. 

The 4-hour chart shows a long upper wick, a classic bull trap pattern with strong momentum but no follow-through.

Price has broken above the rising wedge and is now holding above all four EMAs on the 4h chart. All four are clustered between $68,500 and $69,500, creating a support zone. 

This is the first time in months all EMAs are beneath price.

The Bull Market Support Band sits at $79,289 to $79,673, nearly $8,000 above current price. Bitcoin needs to reclaim that level to confirm a real trend reversal.

Key support sits at $69,177 (200 EMA), then $68,500, then $66,000. Resistance clusters at $73,000, then $75,000, then $79,289 (Bull Market Support Band).

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