Bitcoin (BTC) has failed to reach new highs since March 17 and is currently being pressured by Iran's war and high oil prices. However, a ceasefire or an increase in Bitcoin exchange-traded funds could trigger a rapid recovery. According to Coinglass estimates, $2.5 billion in short positions on Bitcoin futures would be liquidated if Bitcoin rises just 7.5% to $72,000 from the current $67,100 level. This could crush bears who are overleveraged. The war in Iran has pushed oil prices to their highest levels since June 2022. While it is impossible to predict the outcome of the war, a truce agreement could boost bullish sentiment and surprise bears.