Bitcoin Breaks $78,000 Resistance Amid Geopolitical De-escalation

Bitcoin (BTC) has broken out of a multi-week trading range, climbing above $78,000 and triggering a broader rally across the cryptocurrency sector. The move follows a shift in global risk sentiment after U.S. President Donald Trump extended a ceasefire with Iran, providing a catalyst for investors to return to risk-on assets. For much of March and early April, BTC remained trapped in a choppy corridor between $65,000 and $75,000. This breakout is viewed by momentum traders as a definitive signal that an upward trend has resumed, potentially attracting a new wave of buyers as the asset clears previous resistance levels. On-chain data supports the bullish outlook, with CryptoQuant reporting that the number of coins held on centralized exchanges has dropped to a multi-year low of 2.67 million BTC. This trend suggests continued accumulation by long-term holders, which analysts warn could lead to a supply shock and increased volatility. From a technical perspective, Bitcoin has established a firm foothold above its 100-day moving average. This shift in structure moves the primary focus toward the 200-day average, currently positioned at $85,900. However, some market participants remain cautious. QCP Capital noted a persistent richness in put options on Deribit, indicating that some traders are still hedging against potential drops. The firm emphasized that the path forward remains anchored to the price of WTI crude—currently trading around $90—and clearer signaling from the Federal Reserve regarding interest rate policy.