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Bitcoin Holds Above $78,000 as Hormuz Tensions Counter Ceasefire Extension

Bitcoin traded steadily above $78,000 on Friday, balancing persistent geopolitical risks in the Strait of Hormuz against US President Donald Trump’s indefinite ceasefire extension with Iran. The cryptocurrency last changed hands at $78,318 around 10:00 AM MYT (02:00 ET), up 0.1% on the day after touching $79,000 overnight.

BTCUSD-2026-04-24

BTCUSD – 1 Day Chart

Market Snapshot

Bitcoin (BTC) fluctuated in a narrow $77,500-$78,500 range early Friday, paring minor losses from Thursday’s close near $78,166. Trading volume remained subdued at around $45 billion over the prior 24 hours, reflecting caution amid mixed risk signals. The move kept BTC within striking distance of its highest levels since early February, prior to escalated Middle East tensions.

Technical Levels

BTC faces immediate resistance at $79,000, with a break above signaling potential toward $80,000 where prior highs cluster. Support holds at $77,000, bolstered by options gamma and recent institutional buying. The 50-day moving average near $76,500 provides a deeper floor if risk-off flows intensify.

About the author

Martin Lam

 

Martin Lam is ATFX Chief Analyst for Asia Pacific, with over 20 years of experience in global forex and investment markets. He holds a degree in Finance and Economics from Deakin University and has held senior roles at leading FX brokerage firms.

More from Martin Lam

This market commentary and analysis has been prepared for ATFX by a third party for general information purposes only. Any view expressed does not constitute a personal recommendation or solicitation to buy or sell as it does not take into account your personal circumstances or objectives, and should therefore not be interpreted as financial, investment or other advice, or relied upon as such. You should therefore seek independent advice before making any investment decisions. This information has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. We aim to establish and maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of our clients. The market data is derived from independent sources believed to be reliable, however we make no representation or warranty of its accuracy or completeness, and accept no responsibility for any consequence of its use by recipients. Reproduction of this information, in whole or in part, is not permitted.

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