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- 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 the crypto market are rising after the announcement of the US-Iran ceasefire
Bitcoin (BTC), Ethereum (ETH), and the broader cryptocurrency market rose sharply in the past 24 hours after the US and Iran agreed to a ceasefire.
At press time, Bitcoin was trading at around $71,640, up 4.3% in the past 24 hours. Earlier, the cryptocurrency briefly surpassed $72,700, marking its highest value since March 18.
Ethereum gained 6.7%, reaching $2,257, while XRP grew 5.8% to $1.37. Solana rose 6.5%, hitting $84.81. The entire crypto market rose 3.95% at the same time.
The operation coincided with President Donald Trump’s announcement that the US and Iran had agreed to a two-week “ceasefire”. Trump, who has previously warned of a military response if Iran fails to reopen the Strait of Hormuz, stressed that the ceasefire was due to achieving all military objectives and being close to a long-term peace agreement.
The Iranian government’s statement confirmed its commitment to allow passage through the Strait of Hormuz, an important route for the world’s oil trade. This has previously caused instability in global oil prices and disrupted oil supply systems.
BTC eyes $76k as bullish momentum continues
The BTC/USD 4-hour chart will remain stable and active regardless of 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.
Faster indicators show that the bulls are in control of the market. The Relative Strength Index (RSI) on the 4-hour chart reads 70, approaching the overbought situation, indicating that the bulls are watching.
The MACD lines are also within positive territory, confirming the bullish bias. If the rally continues, BTC may retest the resistance level of $76,000 for the first time since March 16. Crossing this resistance level would pave the way for Bitcoin to reach the $80k level of thought.
However, if the bulls fail to capitalize on this rally, Bitcoin will find immediate support near Tuesday’s low of $67,719.
