Bitcoin rallies past $79,000 as U.S.-Iran truce extended
Bitcoin surged above $79,000 on Apr 22 after President Donald Trump extended the U.S.-Iran ceasefire indefinitely, cutting near-term Middle East conflict risk. The move helped restore risk appetite across markets and pushed Bitcoin to an 11-week high.
Bitcoin opened near $76,342, peaked at $79,214, and traded around $78,800–$78,900 (about +4.1% on the day). 24-hour volume topped $47B, extending the rebound from the February low near $60,057. U.S. equities also rose, with the S&P 500 up ~0.9% and the Nasdaq up ~1.1%, reinforcing the “cooling energy-shock fears” narrative.
On-chain and institutional signals stayed supportive. Strategy reported buying 34,164 BTC for about $2.54B, lifting total holdings to 815,061 BTC. Exchange-held BTC reserves fell to a seven-year low (~2.21M BTC). Whale wallets accumulated, and short liquidations of roughly $180M–$650M helped fuel the upside. Coinbase Premium remained positive for 14 consecutive days, pointing to continued U.S. institutional demand.
Trader focus is shifting: Bitcoin’s key support is now the ~$74,000–$76,000 breakout zone. Near resistance sits around $79,000–$80,000, with a higher upside range of $80,000–$85,000 if the truce holds through May. Ethereum and XRP also advanced as sentiment turned risk-on.
Bullish
The extension of the U.S.-Iran ceasefire reduces near-term geopolitical tail risk, supporting a broader risk-on environment. For Bitcoin specifically, the rally is reinforced by institutional signals (Coinbase Premium staying positive for 14 days) and spot-leaning flow dynamics, alongside on-chain tightening (exchange reserves at a seven-year low) and whale accumulation. Large short liquidations add a mechanical boost to price.
In the short term, traders are likely to defend the newly defined $74,000–$76,000 support zone, with momentum buyers targeting $79,000–$80,000. Over the next few weeks, continuation to $80,000–$85,000 depends on whether peace holds through May; if risk sentiment deteriorates, the move could retrace toward support. Overall, the balance of catalysts is net positive for Bitcoin’s price path.