Analysis: The rise of Bitcoin has driven the overall strength of the cryptocurrency market, while expectations of a ceasefire in Iran have driven a risk-on sentiment

According to CoinDesk, with the expectation of a potential ceasefire agreement between the U.S. and Iran boosting market risk appetite, it is reported that the ceasefire plan may take effect on Monday and lead to the reopening of the Strait of Hormuz. Bitcoin's rise has driven the overall cryptocurrency market stronger, with mainstream assets like Ethereum and Solana also rising in tandem.

The derivatives market is also showing bullish signals, with improvements in Bitcoin futures structure and a continued decline in 30-day implied volatility, while Nasdaq 100 futures rose by 0.8%, reinforcing the risk-on atmosphere. However, analysts point out that there is still uncertainty in the market rebound.

Recent ceasefire news has been denied or debunked by Iran multiple times, and if a similar situation occurs again, the market may quickly reverse. Furthermore, even if an agreement is reached, there are still doubts about its binding nature on Israel, which may limit the sustainability of risk appetite. Overall, while Bitcoin has upward potential, macro variables remain key constraints.