Bitcoin Breaks ₱4,672,685 ($78,000) on Iran Strait of Hormuz Ceasefire
Iran's announcement that the Strait of Hormuz will remain fully open during the ceasefire sent Bitcoin through its longest-held resistance zone. Bitcoin opened at ₱4,503,271 ($75,172) and surged to ₱4,695,689 ($78,384) intraday, breaking the ₱4,433,061 ($74,000)–₱4,492,967 ($75,000) zone that had capped every rally since October 2025.
Key Takeaway
Bitcoin finally cleared resistance, but weak trend strength and low ATH odds suggest traders expect chop, not a moonshot.
Iran's announcement that the Strait of Hormuz will remain fully open during the ceasefire sent Bitcoin through its longest-held resistance zone in seven months.
Bitcoin opened the session at $75,172 and surged to an intraday high of $78,384 before closing at $77,205. That broke the $74,000–$75,000 zone that had capped every rally since October 2025.
The breakout comes after a brutal year for Bitcoin. A death cross — where the 50-day exponential moving average falls below the 200-day — formed months ago and persisted through most of 2026's macro environment. Only in January did the gap between the two moving averages begin to compress.
Technical indicators now show mixed signals. The Relative Strength Index sits at 67.7, just below the 70 threshold that marks overbought territory. The Average Directional Index reads just 18.1, well below the 25 level that suggests a strong trend.
Traders on Myriad, a prediction market that debuted in early February, are pricing in a 69% chance Bitcoin reaches $84,000. But odds of a new all-time high before July sit at just 6.2%. Strategy, the digital asset treasury stock, surged more than 10% as Bitcoin broke higher. If the rally had failed, analysts were eyeing $50,000–$55,000 as the next logical support zone.
This article was written based on reporting from Decrypt.
