Bitcoin (CRYPTO: BTC) surged 8% this week to $72,000 as $411 million flowed into spot ETFs in April, yet analysts warn the fragile ceasefire remains on shaky ground with U.S. and Iranian officials set to meet in Pakistan on Saturday.
The Fragile Relief Rally
The fragile standstill in the Middle East has eased Bitcoin traders’ panic, but they’re not tearing up their hedges against a sharp drop just yet, according to Bybit chief market analyst Han Tan.
“Relief rallies across the risk complex have been limited by lingering doubts over a meaningful end to this Middle East conflict,” Tan said.
“The fragile ceasefire remains on shaky ground,” he added.
Bitcoin powered 8% after the U.S. and Iran announced a conditional two-week truce that includes steps tied to reopening the Strait of Hormuz. The narrow shipping lane carries about a fifth of global oil and liquefied natural gas.
The ETF Inflows
April has seen …