The world’s largest cryptocurrency Bitcoin has climbed close to $83,000, hitting this level for the first time since January 31. The overall crypto market also moved up about 2%, reaching around $2.73 trillion.
At the same time, oil prices dropped 12% below $90 after Islamic Revolutionary Guard Corps confirmed safe passage through the Strait of Hormuz.
Now, traders are closely watching the $93,000 level, as CryptoQuant says it matches a key “CME gap” that Bitcoin often tends to revisit.
U.S.-Iran Peace Deal Boosts Market Sentiment
Over the past week, Bitcoin has climbed steadily from around $75,000 to nearly $83,000, driven by growing optimism around the U.S.–Iran negotiations.
The latest rally follows reports that the United States and Iran are close to finalizing a 14-point agreement that could end the conflict within the next 48 hours.
Under the proposed deal, Iran would pause uranium enrichment and allow United Nations inspections. In return, the U.S. may ease sanctions and release frozen Iranian assets.
This progress has also improved the outlook for global trade, with expectations that oil flow through the Strait of Hormuz could return to normal after earlier disruption fears.
CME Futures Data Shows Rising Market Activity
Recent research from CryptoQuant also shows growing activity in CME Bitcoin futures markets. Open Interest (OI) has climbed back above 110,000–120,000 contracts, compared to lows near 20,000–30,000 contracts seen during the February correction.
At the same time, Bitcoin has rebounded from the $65,000–$70,000 range to above $80,000 while futures activity continues rising.
Meanwhile, CoinGlass data shows nearly 125,567 traders were liquidated over the past 24 hours, with total liquidations reaching approximately $557.95 million.
Notably, short traders accounted for nearly 80% of those liquidations, or around $444 million.
Why $93,000 Is the Next Key Level?
According to CryptoQuant researchers, the next major upside target for Bitcoin could be around $93,000 due to a key CME gap.
CME Bitcoin futures trade only during weekdays, while the spot crypto market operates 24/7. This creates price gaps between Friday’s close and Monday’s open, often referred to as “CME gaps.”
Historically, Bitcoin tends to revisit and fill these gaps over time.
One previous gap was already filled during the recent recovery rally. However, the next major unfilled gap remains near the $93,000 level, making it an important target traders are closely watching.
Risk Still Remains
Despite the bullish momentum, analysts warn that the market remains highly sensitive to geopolitical developments. Any negative headlines or collapse in the U.S.-Iran peace negotiations could quickly reverse sentiment and invalidate bullish targets.
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