Bitcoin Holds Above $78,000 as Hormuz Tensions Counter Ceasefire Extension
By Martin Lam
Market Overview
On April 24, 2026, Bitcoin (BTC) maintained a steady trading position above $78,000, specifically at $78,318 around 10:00 AM MYT (02:00 ET), reflecting a slight increase of 0.1% for the day. This stability comes amidst ongoing geopolitical tensions in the Strait of Hormuz, juxtaposed with U.S. President Donald Trump’s announcement of an indefinite ceasefire extension with Iran.
Price Fluctuations
Throughout the early hours of Friday, Bitcoin fluctuated within a narrow range of $77,500 to $78,500, recovering from minor losses recorded the previous day when it closed near $78,166. The trading volume during this period was approximately $45 billion, indicating a cautious market sentiment influenced by mixed risk signals. Despite these fluctuations, Bitcoin remained close to its highest levels since early February, prior to the escalation of tensions in the Middle East.
Technical Analysis
From a technical perspective, Bitcoin faces immediate resistance at the $79,000 mark. A breakout above this level could signal a potential rise towards $80,000, where previous highs are clustered. Conversely, support is established at $77,000, reinforced by options gamma and recent institutional buying activity. Additionally, the 50-day moving average near $76,500 serves as a deeper support level should risk-off flows intensify in the market.
About the Author
Martin Lam is the Chief Analyst for Asia Pacific at ATFX, bringing over 20 years of experience in global forex and investment markets. He holds a degree in Finance and Economics from Deakin University and has held senior positions at leading FX brokerage firms.