Crypto market recap: Bitcoin surges above $78,000 as Trump extends Iran ceasefire

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Bitcoin surges above $78,000

Highlights

Bitcoin rose 3.1% in 24 hours to around $78,088 following the ceasefire extension.
Ethereum gained 3.2% to $2,391.
The Fear & Greed Index stands at 32, still in Extreme Fear but slightly improving.

Market performance

As of April 22, Bitcoin was trading near $78,088, up 3.1% over the past 24 hours and 5.3% for the week. Ethereum gained 3.2% to $2,391.

The Crypto Fear & Greed Index stood at 32, remaining deep in the “Extreme Fear” zone, although it has shown a slight improvement in recent days.

Geopolitical relief supports risk appetite

According to Bloomberg, the price increase followed Trump’s statement on extending the truce, which reduced fears of further escalation in the Middle East and potential disruption to oil supplies through the Strait of Hormuz.

“Short-term Bitcoin direction continues to be heavily influenced by macroeconomic and geopolitical developments,” said Paul Howard, senior director at market maker Wincent. He noted that $72,000 remains a key support level, while upside potential may be capped near $79,000 due to profit-taking.

Analysts highlighted that cryptocurrencies have shown resilience in recent weeks, often rising on positive news while shrugging off negative headlines. Spot Bitcoin ETFs recorded more than $250 million in net inflows this week, following last week’s strong $996.4 million inflow.

Bitcoin’s relative strength

Since the conflict intensified in late February, Bitcoin has mostly traded in the $65,000–$75,000 range and has outperformed traditional safe-haven assets. Gold, for instance, has fallen about 10% over the same period, while Bitcoin has gained more than 15%.

Caroline Moron, co-founder of Orbit Markets, noted: “In recent weeks, cryptocurrencies have displayed a bullish bias, often ignoring bad news and rising on positive developments.” She added that holding above $75,000 is crucial, and a decisive break above $80,000 could open the door for significant further upside.

Resilience amid uncertainty

Bitcoin’s performance during the recent geopolitical tensions has surprised many observers. While the asset experienced volatility, it demonstrated greater stability than expected, reinforcing its reputation as a “digital gold” in certain market conditions.

However, analysts caution that without fresh positive catalysts, upward movement may remain limited by profit-taking pressure near the $79,000–$80,000 zone.

In an earlier report, we noted that Bitcoin stays above $75,000 as Senate prepares Warsh confirmation.

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