Bitcoin (BTC) climbed above $79,000 on Wednesday, reaching its highest level since February 3 after President Donald Trump announced an extension of the US ceasefire with Iran.
The move came as US equities also gained ground, with the Nasdaq rising more than 1% during the session.
Iran Ceasefire Lifts Risk Appetite
Trump extended the two-week ceasefire on Tuesday, saying Tehran’s government was “seriously fractured” and needed time to present a unified proposal to end the conflict.
The blockade on Iranian ports will remain in place, however, as the administration pushes for a quick diplomatic outcome.
The announcement eased fears that had weighed on markets for weeks. BTC had fallen below $74,000 on April 19 after Iran rejected a second round of peace talks. Since then, the token has recovered more than 7%, to briefly surpass the $79,000 threshold today.
Trump also signaled that renewed US-Iran negotiations could happen “as soon as Friday,” with mediators in Pakistan reportedly pushing for a fresh round within 36 to 72 hours.
Iran’s foreign ministry has not confirmed participation, accusing Washington of bad faith in earlier rounds.
“Bitcoin has shown a notable divergence from its historical reaction to geopolitical shocks, and has essentially rallied during the recent Iran-driven instability…Resolution in either direction is the single highest-impact catalyst on the tape,” Bitfinex analysts said in a statement to BeInCrypto.
Broader Macro Tailwinds Support the Rally
Meanwhile, the latest Bitcoin rally extends beyond geopolitics. Global central banks now hold approximately 38,666 tons of gold, roughly 17% of all gold ever mined, according to the Kobeissi Letter. The continued accumulation reflects a broader shift toward hard assets that has also benefited BTC.
Meanwhile, Chinese silver imports jumped 78% month-over-month to a record 836 tonnes in March, driven by retail investors seeking alternatives to gold and solar manufacturers front-loading production.
On the risk side, US margin debt fell $32 billion in March to $1.22 trillion, its lowest since November 2025. Margin debt is still up 39% year-over-year, a pace of growth last seen during the 2021 meme stock frenzy.
Geopolitical risk has not fully receded. Iran’s Islamic Revolutionary Guard Corps issued a warning suggesting it could cut undersea internet cables and cloud infrastructure in the Persian Gulf, a threat that could rattle markets if tensions resume.
Whether BTC can extend gains to $80,000 may depend on how quickly Iran responds to Trump’s deadline for a unified proposal.
