Bitcoin recovered when the US and Iran agreed to a ceasefire
Key receivers
BTC increased by 4% and now trades above $71k. The rally could push Bitcoin's price above $76k for the first time since March 16.
Bitcoin and crypto markets surged following the US-Iran ceasefire announcement.
Bitcoin (BTC), Ethereum (ETH) and the broader cryptocurrency market have seen significant gains over the past 24 hours after the US 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 price since March 18.
Ethereum gained 6.7% to $2,257, while XRP added 5.8% to $1.37. Solana rose by 6.5%, hitting $84.81. The overall crypto market increased by 3.95% during the same period.
The attack coincided with President Donald Trump's announcement that the US and Iran had agreed to a two-week “bilateral ceasefire”. Trump, who had previously warned of a military response if Iran failed to reopen the Strait of Hormuz, emphasized that the ceasefire agreement had met all military objectives and reached a long-term peace agreement.
Iran's official statement reaffirmed its commitment to allow safe passage through the world's most important oil trade route, the Strait of Hormuz. This has already led to high volatility in global oil prices and disruptions to supply chains.
BTC eyes are blinking $76k.
The BTC/USD 4-hour chart is still weak and bearish despite the recent rally. The leading cryptocurrency has crossed the $69,200 resistance level and may challenge the $76,000 swing in the next few hours or days.
The momentum indicators show that the bulls are currently dominating 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 in the positive territory, which once again confirms the bullish bias. If the rally continues, BTC could retest the $76,000 resistance level for the first time since March 16. Breaking through this resistance level opens the way for Bitcoin to increase to the $80k psychological zone.
However, if the bulls fail to capitalize on this rally, Bitcoin will immediately find support around Tuesday's low of $67,719.
