Bitcoin Reclaims $68K But Ethereum Outpaces Gains Ahead Of Trump's Iran Speech

• Bitcoin climbed above $68,000 on Wednesday morning, but retail sentiment around the apex cryptocurrency and Ethereum remained in ‘bearish’ territory on Stocktwits. 
• The broader cryptocurrency market rose over 3% ahead of President Donald Trump’s scheduled address on Iran.
• Bitcoin remains range-bound, with mixed signals from derivatives markets and ongoing accumulation seen in exchange outflows, according to a Nansen analyst.

Ethereum (ETH) led gains among crypto majors on Wednesday morning, outperforming Bitcoin (BTC), which broke its losing streak to end March in the green, ahead of President Donald Trump’s speech tonight.

Bitcoin’s price rose 3.2% over the last 24 hours to around $68,400, while retail sentiment on Stocktwits about the apex cryptocurrency remained in ‘bearish’ territory over the past day.

Meanwhile,  Ethereum’s price rose 5.3% to around $2,100 in the last 24 hours, and retail sentiment has been trending in ‘bearish’ territory over the past day. However, retail chatter around ETH was at ‘normal’ levels while chatter around BTC was at ‘low’ levels over the past day. 

Crypto Markets Rally Ahead Of Trump’s Iran Address

The rally comes ahead of Trump’s speech scheduled for 9 p.m. ET on Wednesday. “President Trump will give an Address to the Nation to provide an important update on Iran,” Press Secretary Karoline Leavitt said in a post on X. She did not provide more details on what Trump is expected to say. 

Geopolitical developments tied to the U.S.-Iran war have been a key driver of recent volatility across cryptocurrencies, commodities, stocks and oil prices. Bitcoin has remained in the green since the war began, while the price of gold and the S&P 500 dipped into the red amid the surge in oil prices. 

Where Is Bitcoin’s Price Headed Next?

One user on Stocktwits said they expect Bitcoin’s price to drop over the next three months, as it did in 2022, but hoped the drawdown would be less severe. 

Another user said they expect the volatility in Bitcoin’s price to stabilize moving forward.

“BTC still looks range-bound here, not outright weak but not in a clean risk-on regime either,” said Nicolai Søndergaard, research analyst at Nansen, adding that exchange outflows suggest that there is still underlying accumulation. However, he noted that options positioning into end-of-week expiry “reflects uncertainty more than conviction”.

The overall cryptocurrency market rose more than 3% in the last 24 hours to around $2.43 trillion. CoinGlass data showed around $327 million in liquidations over the past day, with liquidation of short bets amounting to around $209 million and $117 million in long positions being forced to unwind.

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