Crypto markets today: Bitcoin price jumped over the $78,400 level today, on 22 April, after United States President Donald Trump announced that the ceasefire agreement between the US and Iran has been extended.
The cryptocurrency market rose alongside equities, indicating that overall market confidence has jumped. Bitcoin gained 3.6% to rise over $78,400 — its highest level in 11 weeks since 3 February, as per a Bloomberg report. Second largest token, Ethereum also gained 3.8%, it added.
Bitcoin: ‘Near-term dependent on developments’
Paul Howard, senior director at market maker Wincent told the publication that Bitcoin’s near-term direction “remains highly dependent on developments in the macroeconomic and geopolitical landscape”, adding that there is no other clear external catalyst, which means traders are focused on “positioning around low-volatility conditions are likely to view the $72,000 area as a key support zone, with upside constrained by a potential resistance and profit-taking ceiling around $79,000.”
Among most assets, Bitcoin has withstood the war much better — beating even gold, the traditional safe haven option. Gold prices have slipped nearly 10% since the war began in February, while BTC has gained 15% in the same period. Caroline Mauron, co-founder of Orbit Markets told Bloomberg that BTC should hold the $75,000 level as solid support from here, “and a clean break above $80,000 would unlock significant further upside.”
(With inputs from Bloomberg)
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