Bitcoin rose 3% to $69,120 while Ethereum outperformed with a 3.7% gain to $2,130 on April 6, 2026, after reports emerged of active U.S.-Iran ceasefire negotiations. The proposal reportedly involves a 45-day pause to the fighting and the reopening of the Strait of Hormuz. The rally triggered massive liquidations totaling $273.8 million in 24 hours, with shorts outnumbering longs nearly 3-to-1 as bearish traders were caught off guard. The move was amplified by peak negative social sentiment, which analysts view as a contrarian signal that historically precedes sharp recoveries. However, sustainability depends on the actual outcome of geopolitical talks and whether prices can break out of their multi-week trading ranges.