Bitcoin experienced a significant rally as speculation of a potential ceasefire between the U.S. and Iran boosted market sentiment. The anticipated agreement, expected to take effect on Monday, could lead to the reopening of the Strait of Hormuz, driving Bitcoin and other major cryptocurrencies like Ethereum and Solana higher. The derivatives market reflected this optimism, with improved Bitcoin futures structure and declining 30-day implied volatility. Despite the positive momentum, analysts caution that the market's rebound remains uncertain. Previous ceasefire announcements have been denied by Iran, and even if an agreement is reached, its impact on Israel remains unclear, potentially limiting the rally's sustainability. Macroeconomic factors continue to play a crucial role in shaping the market's direction.