Key takeaways
- BTC is up 4% and is now buying and selling above $71k.
- The rally may push Bitcoin’s worth above $76k for the primary time since March 16.
Bitcoin and crypto market surge following U.S.-Iran ceasefire announcement
Bitcoin (BTC), Ethereum (ETH), and the broader cryptocurrency market skilled a big rise during the last 24 hours after the U.S. and Iran reached a ceasefire settlement.
At press time, Bitcoin was buying and selling at roughly $71,640, up 4.3% within the final 24 hours. Earlier within the day, the cryptocurrency briefly surpassed $72,700, marking its highest worth since March 18.
Ethereum gained 6.7%, reaching $2,257, whereas XRP elevated 5.8% to $1.37. Solana surged 6.5%, hitting $84.81. The general crypto market was up 3.95% throughout the identical interval.
The surge coincided with President Donald Trump’s announcement that the U.S. and Iran had agreed to a two-week “double-sided ceasefire.” Trump, who had beforehand warned of a attainable army response if Iran did not reopen the Strait of Hormuz, emphasised that the ceasefire was a results of having met all army goals and being near a long-term peace settlement.
Iran’s official assertion confirmed its dedication to permitting protected passage via the Strait of Hormuz, the world’s most significant oil commerce route. This had beforehand prompted vital volatility in international oil costs and disrupted provide chains.
BTC eyes $76k as bullish momentum persists
The BTC/USD 4-hour chart stays bearish and environment friendly regardless of the current rally. The main cryptocurrency has surpassed the $69,200 resistance stage and will problem the swing excessive of $76,000 over the following few hours or days.
The momentum indicators present that the bulls are at present answerable for the market. The Relative Power Index (RSI) on the 4-hour chart reads 70, approaching the overbought situation, indicating that the bulls are in management.
The MACD strains are additionally inside the optimistic territory, reaffirming the bullish bias. If the rally persists, BTC may retest the $76,000 resistance stage for the primary time since March 16. Surpassing this resistance stage would pave the way in which for Bitcoin to surge towards the $80k psychological zone.
Nonetheless, if the bulls fail to capitalize on this rally, Bitcoin will discover speedy help across the Tuesday low of $67,719.
