Key takeaways
- Bitcoin is up 4% and is now trading at over $71,000.
- The rally could push Bitcoin’s price above $76,000 for the first time since March 16.
The Bitcoin and cryptocurrency market rose after the announcement of a ceasefire between the United States and Iran
Bitcoin (BTC), Ethereum (ETH) and the broader cryptocurrency market have seen a significant rally in the past 24 hours after the US and Iran reached a ceasefire agreement.
At press time, Bitcoin was trading at around $71,640, up 4.3% over the past 24 hours. Earlier today, the cryptocurrency briefly surpassed $72,700, recording its highest value since March 18.
Ethereum rose 6.7% to $2,257, while Ripple (XRP) rose 5.8% to $1.37. Solana shares rose 6.5% to $84.81. The overall cryptocurrency market increased by 3.95% during the same period.
This increase coincided with President Donald Trump’s announcement that the United States and Iran had agreed to a “two-sided ceasefire” for two weeks. Trump, who had previously warned of a possible military response if Iran failed to reopen the Strait of Hormuz, stressed that the ceasefire came as a result of achieving all military goals and getting close to a long-term peace agreement.
The Iranian official statement affirmed its commitment to allowing safe passage through the Strait of Hormuz, which is the most vital oil trade route in the world. This has previously caused significant fluctuations in global oil prices and disruption to supply chains.
BTC eyes $76K as bullish momentum continues
The 4-hour BTC/USD chart remains bearish and active despite the recent rally. The leading cryptocurrency has crossed the $69,200 resistance level and could challenge the $76,000 swing high in the next few hours or days.
Momentum indicators show that the bulls are currently controlling the market. The Relative Strength Index (RSI) on the 4-hour chart is reading 70, approaching overbought condition, indicating that the bulls are in control.
The MACD lines are also within the positive zone, reaffirming the bullish bias. If the rally continues, Bitcoin may retest the $76,000 resistance level for the first time since March 16. Passing this resistance level would pave the way for Bitcoin to rise towards the psychological $80,000 area.
However, if the bulls fail to capitalize on this rally, Bitcoin will find immediate support around Tuesday’s low at $67,719.
