Why Is the Crypto Market Up Today?

On April 8, the crypto asset market rallied past US$2.40 trillion after a two-week ceasefire between the US and Iran triggered a 5.26% surge from the April 6 close, forcing the liquidation of leveraged positions worth US$596 million across the entire derivatives market.

Bitcoin rose to US$71,295, extending its seven-day gain to 5.4%, while Zcash (ZEC) became the top gainer among the top 100 assets with a 27% breakout, supported by the highest daily volume in nearly one month.

Today’s News:-

Morgan Stanley launched a spot Bitcoin exchange-traded fund (ETF) (MSBT) on NYSE Arca on April 8 with an expense ratio of 0.14%, making it the cheapest Bitcoin ETF in the market and the first from a major Wall Street bank. The company’s wealth management network valued at US$4 trillion now has direct and regular access to Bitcoin.
The US and Iran agreed on a two-week ceasefire mediated by Pakistan at the end of April 7, with peace talks scheduled for Friday in Islamabad. Oil prices fell 8% to around US$103 per barrel after the announcement, and Iran committed to reopening the Strait of Hormuz with military coordination.
Circle launched its Stablecoin Payouts service for its Circle Mint Singapore partners, expanding USDC-based cross-border payment infrastructure into Asia.
Crypto Market Rally After Ceasefire Triggers Risk-On Rotation

Total market capitalization of crypto assets stood at US$2.41 trillion on April 8 after a 5.26% rally from the April 6 close. The positive announcement between the US and Iran at the end of April 7 became the main catalyst, as risk capital returned to digital assets after weeks of caution due to the conflict.

This rally pushed TOTAL above the exponential moving average lines
E
EMA
20-day and 50-day, which are trend indicators that smooth price data to detect momentum changes, for the first time since mid-March.

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however, the market briefly shed part of its gains after hitting US$2.45 trillion, which is now resistance for further continuation of the rally.

A daily close above this level opens the door to US$2.57 trillion. This zone is very close to the 100-day EMA at US$2.55 trillion. On the support side, the 50-day EMA at US$2.39 trillion and the Fibonacci 0.236 level at US$2.37 trillion are the first line of defense. The US$2.28 trillion zone at the Fibonacci 0.5 level is still the strongest support so far.

March CPI data due to be released on Friday is expected to show a surge attributable to the war, and could test this rally if inflation concerns re-emerge.

A daily close above US$2.45 trillion targets US$2.57 trillion. If it breaks down below US$2.37 trillion, the path toward US$2.28 trillion will open again.

Bitcoin Stays Above US$71,000 as Institutional Flows Turn Positive

Bitcoin
BTCUSD
traded at US$71,295 on April 8, up about 4% over the past 24 hours. This increase extends BTC’s seven-day rally to 5.4%. The rally sparked by the ceasefire continues the uptrend that began from the February 6 low of US$60.497. Now, BTC has managed to hold above US$70.000 with stronger conviction than during any period since mid-March.

The most significant development is in the indicator below the price chart. The Chaikin Money Flow (CMF), which measures buying and selling pressure by combining price and volume data, has returned to positive territory at 0.01 for the first time since mid-March. This shift indicates institutional capital is starting to flow back in after weeks of outflows during the ongoing conflict. Meanwhile, Morgan Stanley’s today’s launch of MSBT adds a new institutional channel that could further reinforce this flow shift.

Resistance is at the Fibonacci 0.5 level at US$72.666. If a breakout occurs above this level, the next target is US$74.508—levels that BTC needs to close above daily for the bullish structure to become even stronger. On the downside, US$70.825 at the Fibonacci 0.382 level is the nearest support, followed by US$69.546.

A daily close above US$74.509 will shift the bias to bullish toward US$77.130. But a close below US$70.825 will again target US$68.547.

Zcash (ZEC) Rises 27% With Highest Volume Since Mid-March

Zcash (ZEC) traded at US$320,28 after jumping about 27% in the past 24 hours. This makes it one of the top gainers among the top 100 tokens by market capitalization. The market recovery triggered by the ceasefire gives altcoins room to rally, and ZEC is capitalizing on this momentum with a structural breakout.

The Zcash (ZEC) rally began on April 6 when ZEC successfully reclaimed the 50-day exponential moving average
E
EMA
50-day with increasing volume. This reclaim became the trigger for the upward move. Between April 7 and 8, ZEC also quickly and successfully broke through the 100-day and 200-day EMAs sequentially. That means ZEC has regained control of all four major moving averages within just two sessions. The volume surge that appeared alongside this breakout is the highest since mid-March. This confirms that the rally is indeed supported by buyers’ confidence, not just fake momentum.

Out of the total 24-hour liquidation of US$596 million, short positions in ZEC accounted for US$13,39 million and further strengthened the rally because forced position closures add buying pressure.

Important technical levels at US$339 are the nearest targets right now. If a daily close occurs above this level, the upside potential toward US$431,25 opens up broadly. If ZEC fails to hold above US$308 at the Fibonacci 0.786 level, then the 0.618 level at US$283 will become the strongest support. This support is also aligned with a cluster of EMA areas.

Currently, US$339 separates the potential for further breakout toward US$431 , with a possible correction back to the support zone at US$283.
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