Bitcoin's Price Rally Loses Momentum as Investors Await Tangible Progress

The recent surge in Bitcoin's price, driven by the US-Iran ceasefire, appears to be losing steam as investors seek concrete results. Despite a brief spike above $76,000, the cryptocurrency has fallen back, mirroring Tuesday's volatile pattern. This follows a 10% increase, largely fueled by the ceasefire news from the previous week. However, with optimism still present and President Donald Trump suggesting the conflict is nearing its end, progress in negotiations to restore oil flows through the Strait of Hormuz remains limited. Markets are now looking for substantive progress, such as the restoration of energy flows and clearer signs of disinflation. Traders should monitor oil prices, as signs of normalization are likely to emerge in energy markets first. The decline in Bitcoin and ether's implied volatility indexes suggests traders expect significant progress soon. Meanwhile, Solana and DOGE may experience increased volatility due to rising demand for leveraged exposure. In traditional markets, the decline in the MOVE index, which measures US Treasury note volatility, has reversed the war-led spike, which is bullish for risk assets. The stability in the US bond market helps ease credit and financial conditions.