Bitcoin experienced a 6% surge within four hours following a global stock market rally triggered by a two-week ceasefire agreement between the U.S. and Iran. This price movement resulted in the liquidation of $280 million in Bitcoin short positions. Despite this, open interest in Bitcoin increased by 2.5% to 593,930 BTC, indicating limited bullish sentiment in the derivatives market. Analysts note that there has been no significant shift in positioning, suggesting that short sellers are not rushing to cover their positions. Inflationary pressures persist, with Brent crude oil prices remaining at $95 per barrel. The temporary nature of the ceasefire and ongoing economic pressures suggest a potential Bitcoin price correction to $68,000 remains possible.