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▲ Bitcoin (BTC)/AI Generated Image
Bitcoin (BTC) is reacting to external variables such as easing tensions in the Middle East, and with the breakthrough of $80,000 imminent, optimism is rapidly spreading throughout the market.
According to cryptocurrency media outlet CryptoPotato on April 24 (local time), Bitcoin surged immediately after U.S. President Donald Trump announced an extension of the ceasefire with Iran, breaking through $78,000, and then rising to $79,500, nearing its highest level since January.
However, the market failed to fully recover the psychological resistance level of $80,000 and underwent a correction back below $78,000. Subsequently, a rebound continued, pushing it back above $78,000, showing an expanded volatility trend.
During this upward trend, investors who held excessive leveraged positions were largely liquidated, resulting in liquidations totaling approximately $500 million within a 24-hour period. This is interpreted as an indicator that the market structure was rapidly reorganized during the short-term surge.
The easing of tensions in the Middle East acted as a key factor in improving investor sentiment. Discussions for an extension of the ceasefire between Israel and Lebanon further spread expectations of stability throughout the market, which also had a positive impact on the cryptocurrency market.
During the same period, while Bitcoin only rose about 4% on a weekly basis, some altcoins recorded much higher gains. The memecoin MemeCore (M) surged 24%, reaching an all-time high, while Monero (XMR), Zcash (ZEC), and Stellar (XLM) also rose between 5% and 9%. In contrast, AAVE and Worldcoin (WLD) each fell by 17%, widening the gap between different assets in the market.
*Disclaimer: This article is for investment reference only, and we are not responsible for investment losses based on it. The content should be interpreted for informational purposes only.*
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