BULLISH 📈 : Bitcoin price surges above $71,000 amid geopolitical developments

Bitcoin surged above $71,000, its highest since February 8, driven by geopolitical news and market conditions:

A report suggested Iran offered the US a deal to end the war, leading to a risk-on reaction in markets, including Bitcoin.
Bitcoin's strong response compared to stocks and gold was due to its unique positioning after months of decline.
Vetle Lunde from K33 Research noted Bitcoin was oversold and underowned, with a significant drop in institutional exposure, which reduced its correlation with traditional macro trades.
Low perpetual funding rates and an atypical long bias in the market indicated bottoming phases and sell-side exhaustion.
Binance's BTCUSDT perpetual open interest rose sharply by 7,547 BTC in four hours, indicating a derivatives-led repositioning.
Darkfost highlighted consecutive spot ETF inflows and aggressive derivatives buying as contributors to the price rebound.
The Taker Buy Sell Ratio on Binance reached a yearly high of 1.18, with taker buy volume exceeding $1 billion per hour multiple times, signaling a shift in market dynamics.

At the time of reporting, Bitcoin traded at $70,851.

Bitcoin price chart