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▲ Bitcoin (BTC), Dollar (USD)/ChatGPT Generated Image
Bitcoin (BTC) is gaining new upward momentum, nearing the $80,000 mark, driven by news of US President Donald Trump's extension of the Middle East ceasefire and overwhelming buying pressure from institutional investors.
According to cryptocurrency media outlet NewsBTC on April 23 (local time), Bitcoin showed a strong recovery rally, surpassing the $79,000 level after President Trump announced an extension of the ceasefire with Iran on Wednesday. This marks the highest level since late January, with the price testing a range nearly 5% higher than $79,000. The market analyzed that Trump's diplomatic intervention served as a key driver, alleviating macroeconomic uncertainties and stimulating investment sentiment for risk assets.
The record-breaking accumulation by institutional investors is providing a solid foundation for this bull run. Strategy, led by Chairman Michael Saylor, is buying Bitcoin at a rate approximately 60 times faster than during the 2022 bear market. Capital inflow through Bitcoin spot ETFs also remains steady, ensuring the market's downside rigidity. Analysts assess that, unlike in the past, the market depth has deepened, and a mature market structure driven by large capital, rather than a few individual investors, has been established.
Technical indicators are also sending positive signals for the next bull market. The Relative Strength Index (RSI) has entered a historical reversal zone, similar to patterns observed just before past large price increases. The SOPR indicator also rebounded from a key support level, demonstrating a significant reduction in selling pressure from long-term holders. Currently, Bitcoin is attempting to consolidate above the $79,000 level to decisively break through the top of its descending channel, which is a crucial step for entering a new price uptrend.
All eyes are now on the psychological resistance level of $86,000. If Bitcoin successfully breaks through $86,000 and reclaims the $90,000 mark, a sustained recovery is highly likely throughout the second quarter. Conversely, if the $82,000 level is broken, a temporary correction may occur, but the downside is expected to be limited due to abundant waiting buy orders. The high level of open interest on exchanges also raises the possibility of a short squeeze due to increased volatility.
Bitcoin is strengthening its position as digital gold by simultaneously securing geopolitical stability and the trust of institutional capital. Hashrate, a measure of network security, is setting new highs, proving its integrity, and positive mentions on social media are also on an upward trend. The reduced price volatility compared to past cycles indicates improved asset stability. The entire ecosystem continues sustainable growth through the combination of technological advancement and capital.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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