Bitcoin rose above the $78,000 level again after United States President Donald Trump announced that they would extend the ceasefire with Iran. President Trump stated that the US navy will continue the naval blockade in the region, but hostilities will be suspended until new negotiations are completed. This development created the impression among investors that the geopolitical tension in the Middle East had eased somewhat and brought about a rapid recovery in the cryptocurrency markets. Bitcoin price rose to $78,343 in a short time, reaching its highest level since February.
Strategic Statements Increased Interest in Risky Assets
Trump’s announcement that the military blockade will continue until the joint negotiation plan prepared by Iran is completed, directly affected global markets. The US President also emphasized that keeping the Strait of Hormuz, which provides a significant portion of Iran’s commercial income, open is in the country’s interests. Iran’s statement that it would not close the strait prevented a possible major shock in the energy markets.
After these statements, the demand for cryptocurrencies and US stock markets strengthened again. As concerns about short-term energy supply and regional conflict decreased in the markets, investors turned to risky assets again. Bitcoin’s quick reaction resulted in a recent test of the resistance level once again.
While Trump stated that the closure of the Strait of Hormuz would cause Iran to lose approximately 500 million dollars of revenue per day, he also announced that Iran would ensure that commercial ship passages would continue during the ceasefire period.
A similar picture has been experienced in similar geopolitical pauses in the past, and a recovery was observed in both cryptocurrencies and stock indices. Bitcoin, in particular, attracted attention by rising above strong resistance levels again after the last sales wave.
Cautious Optimism in Market Sentiment
Market data showed a mixed picture among investors despite Bitcoin’s rise. According to data from blockchain analysis company Santiment, when Bitcoin rose above $ 77,000, negative comments were dominant on social media. It was stated that investors did not lose their guard because the previous ceasefire news did not have a permanent effect on prices and brought an increase. However, the negative atmosphere that occurs during the rise may signal that the positions in the market are not yet fully filled.
The “Coinbase Premium” data tracked on the American crypto exchange Coinbase pointed out that institutional interest in Bitcoin has strengthened. The premium in question has remained positive uninterruptedly for the last 14 days, marking the longest “bull” period since October, when the price approached $126,000 in the past. Such data indicate that new capital inflows from the USA continue in a more stable manner, rather than in the short term.
Signs of recovery were also seen in on-chain cost analysis. While the average cost base for Bitcoin over the past three months has been calculated at $74,000, investors have reached breakeven for most of the recent purchases. Analysts think that if the price increases further, short-term investors will also start taking profits and this may have an additional positive impact on the market.
The Strength of Spot Demand Brings the Next Resistance Level to the Agenda
In the short-term charts, strong purchases from the spot market in Bitcoin stood out. While the total spot trading volume indicator continued its upward trend, a serious decline was observed in the coin-based futures segment. This divergence revealed that the recent rise was mainly driven by direct purchases in the spot market.
In the technical analysis supporting this picture, cryptocurrency analyst Ted stated that Bitcoin formed constantly rising bottoms and tops after falling to $63,000 on April 5; He stated that the price experienced a short-term pause around $ 75,500. The fact that the withdrawal did not deepen showed that the demand in the spot market remained strong.
If Bitcoin continues to hold in the range of $ 74,000 to $ 75,000, the $ 78,000 and $ 80,000 levels stand out as possible new targets to be closely monitored in the eyes of investors. CryptoAppsy According to data, Bitcoin price is currently around $78,343.
