Key takeaways
- BTC is up 4% and is now trading above $71k.
- The rally could push Bitcoin’s price above $76k for the first time since March 16.
Bitcoin and crypto market surge following U.S.-Iran ceasefire announcement
Bitcoin (BTC), Ethereum (ETH), and the broader cryptocurrency market experienced a significant rise over the last 24 hours after the U.S. and Iran reached a ceasefire agreement.
At press time, Bitcoin was trading at approximately $71,640, up 4.3% in the last 24 hours. Earlier in the day, the cryptocurrency briefly surpassed $72,700, marking its highest value since March 18.
Ethereum gained 6.7%, reaching $2,257, while XRP increased 5.8% to $1.37. Solana surged 6.5%, hitting $84.81. The overall crypto market was up 3.95% during the same period.
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 previously warned of a possible military response if Iran failed to reopen the Strait of Hormuz, emphasized that the ceasefire was a result of having met all military objectives and being close to a long-term peace agreement.
Iran’s official statement confirmed its commitment to allowing safe passage through the Strait of Hormuz, the world’s most vital oil trade route. This had previously caused significant volatility in global oil prices and disrupted supply chains.
BTC eyes $76k as bullish momentum persists
The BTC/USD 4-hour chart remains bearish and efficient despite the recent rally. The leading cryptocurrency has surpassed the $69,200 resistance level and could challenge the swing high of $76,000 over the next few hours or days.
The momentum indicators show that the bulls are currently in control of the market. The Relative Strength Index (RSI) on the 4-hour chart reads 70, approaching the overbought condition, indicating that the bulls are in control.
The MACD lines are also within the positive territory, reaffirming the bullish bias. If the rally persists, BTC could retest the $76,000 resistance level for the first time since March 16. Surpassing this resistance level would pave the way for Bitcoin to surge toward the $80k psychological zone.
However, if the bulls fail to capitalize on this rally, Bitcoin will find immediate support around the Tuesday low of $67,719.
