After gaining 13% in April, Bitcoin surged by more than $2,000 on the first day of May, reaching a daily high of $78,924 before eventually falling back below the $78,300 level.
Bitcoin rebounded on Thursday, climbing back above the $77,000 mark after a recent decline, as improved global risk appetite boosted demand for cryptocurrencies alongside equities.
Despite initial volatility triggered by the Federal Reserve’s decision to keep interest rates unchanged, Bitcoin returned to the $76,000 level, setting the stage for potential double-digit gains in April.
On Thursday, Bitcoin’s upward momentum slowed: the asset’s price pulled back from a peak of $79,500 and stabilized around $78,000. This 1.2% drop marked the first daily decline of the cryptocurrency in several days, leading to a reduction in total market capitalization by $10 billion.
Bitcoin held above $78,000 on Thursday as investors weighed ongoing geopolitical tensions in the Strait of Hormuz, despite the extension of the ceasefire between the United States and Iran.
On Wednesday, Bitcoin climbed to an 11-week high, surpassing $79,000 after President Donald Trump extended the truce between the United States and Iran indefinitely, easing concerns about a renewed Middle East conflict that had pressured global markets for weeks.
This occurred despite clashes between the U.S. Navy and Iranian forces over the weekend, which dashed hopes for extending the ceasefire and stabilizing financial and commodity markets.
Bitcoin rose above the $76,000 mark during Asian trading on Tuesday, extending its recent gains amid improved risk sentiment and hopes for progress in negotiations between the U.S. and Iran, which boosted appetite for speculative assets.
Bitcoin’s price surpassed the $78,000 mark, reaching its highest level in the past ten weeks. The rally was driven by easing geopolitical tensions and two consecutive record closes of the S&P 500 index.
The cryptocurrency market showed a strong upward impulse at the end of the week. According to Santiment, Bitcoin (BTC) reached its highest level in the past 11 weeks amid easing geopolitical tensions.
Today’s sharp rise in Bitcoin prices has once again drawn attention to the balances of institutional investors, with particular focus on the current profit/loss status of Michael Saylor and his company Strategy regarding their Bitcoin positions.
As the two-week ceasefire between the United States and Iran approaches its end, a second round of negotiations is expected. According to Axios, talks between the United States and Iran are likely to take place in Islamabad on April 19.
Bitcoin’s rise toward the $75,000 level is facing increasing selling pressure despite steady institutional demand. Accumulation by large investors and declining exchange reserves are tightening supply dynamics.
Bitcoin climbed above the $75,000 mark on Thursday, extending its sharp gains from earlier in the week as improving global risk sentiment and hopes for renewed diplomacy between the United States and Iran supported demand for the cryptocurrency.
Bitcoin surged to a monthly high above $74,000 on Tuesday, recovering weekend losses amid improved risk appetite and falling oil prices, which supported broader financial markets.
The oil market was shaken by the Trump administration’s statement about a planned blockade of the Strait of Hormuz, as a result of which futures prices for WTI and Brent crude exceeded the $100 per barrel mark. This move is expected to accelerate gasoline price increases both in the United States and globally.
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