Key takeaways
BTC is up 4% and is now buying and selling above $71k.
The rally might push Bitcoin’s value 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 major 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 potential army response if Iran didn’t reopen the Strait of Hormuz, emphasised that the ceasefire was a results of having met all army targets and being near a long-term peace settlement.
Iran’s official assertion confirmed its dedication to permitting protected passage by means of the Strait of Hormuz, the world’s most important oil commerce route. This had beforehand brought about important volatility in world 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 subsequent 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 traces are additionally throughout the constructive territory, reaffirming the bullish bias. If the rally persists, BTC might 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.
Nevertheless, if the bulls fail to capitalize on this rally, Bitcoin will discover quick assist across the Tuesday low of $67,719.
