Bitcoin Surges Above $78,000 on Strait of Hormuz Relief

Bitcoin surged above $78,000 on Friday, April 17, marking its highest level in over two months and signaling a potential shift in its prolonged downtrend. The rally, which saw the cryptocurrency climb as much as 5.48% in 24 hours to an intraday high of $78,384, was triggered by Iran's announcement that the Strait of Hormuz would remain fully open during an ongoing ceasefire with the United States, easing long-standing geopolitical tensions in the Middle East.

The development led to a 12% drop in Brent crude oil prices and broader gains in risk assets, including Wall Street equities and digital asset-related stocks. Bitcoin opened the session at around $75,172 and closed near $77,922, breaking a descending resistance trendline that had capped rallies since October 2025, when it last peaked at $126,000. This breakthrough invalidated a multi-month pattern of lower highs and lows, with analysts noting that the price has now flipped prior resistance near $73,000 into support.

Market data underscored the momentum. A net outflow of 2,276 Bitcoin from exchanges indicated strong accumulation, as coins moved to long-term storage, reducing available supply. The Price Momentum indicator...