PANews reported on April 10th that, according to The Block, CryptoQuant's research director stated that the recent surge in Bitcoin and Ethereum prices was primarily driven by new long positions in the perpetual contract market, rather than short covering. Within 24 hours of the US-Iran ceasefire agreement being announced, open interest in Bitcoin and Ethereum perpetual contracts increased by $2.1 billion and $2.2 billion respectively, with both reaching near one-month highs in dollar-denominated open interest. Simultaneously, the buy-sell ratio rose above 1, indicating buyer dominance. The Coinbase premium index turned positive after several weeks of negative values. CryptoQuant believes that if the ceasefire remains in place and no further escalation is expected, Bitcoin's next key target is $79,000, a level that corresponds to realized prices and is historically associated with bear market resistance.