Analysis: Bitcoin's rise has driven the overall strength of the crypto market, and Iran's ceasefire expectations are fueling risk-on sentiment.

ME News report, April 6 (UTC+8). With renewed market risk appetite boosted by expectations of a potential ceasefire agreement between the US and Iran, it is reported that the ceasefire plan may take effect on Monday and restart the Strait of Hormuz, lifting Bitcoin and strengthening the overall crypto market. Major assets including Ethereum and Solana also rose in tandem. The derivatives market also released bullish signals: the Bitcoin futures structure improved, 30-day implied volatility continued to fall, and Nasdaq 100 futures rose 0.8%, further reinforcing the Risk-on sentiment. However, analysis suggests there are still uncertainties around the market rebound. Multiple ceasefire reports in recent days have been denied or disproven by Iran; if similar situations arise again, market conditions could reverse rapidly. In addition, even if an agreement is reached, whether it is binding on Israel remains in doubt, which may limit the sustainability of risk appetite. Overall, while Bitcoin still has room to move higher, macro variables remain the key constraint. (Source: ChainCatcher)