Bitcoin breaks above $79K after US-Iran ceasefire extension

Bitcoin surged past $79,000 as the US extended its ceasefire with Iran indefinitely. The market for Bitcoin dipping to $60,000 in April now sits at 0% YES.

The indefinite ceasefire extension eased geopolitical tensions, supporting Bitcoin’s rise. The market predicting Bitcoin will stay above $66,000 on April 25 is at 99.9% YES, unchanged despite the price breakout. This market saw $8,085 in actual USDC traded daily, a sign of steady confidence that Bitcoin holds current levels.

Reduced geopolitical risk has shifted sentiment toward Bitcoin bulls. With Bitcoin above $79,000, traders are betting on continued stability. The April 30 market for a $60,000 dip is effectively dead, and the April 25 market remains firm at 99.9% YES. It takes $65,152 to move the price 5 points in the order book, which points to institutional positioning behind these confidence levels.

At $79,000, Bitcoin is well above key support levels after the ceasefire news. If you’re holding YES shares on a $60,000 dip, they’re effectively worthless now. A YES share on Bitcoin above $66,000 pays out $1 at 99.9¢, a low-risk position given Bitcoin is $13,000 above that threshold.

Watch for developments in the US-Iran situation or unexpected moves in global oil prices, as these could affect Bitcoin’s direction. Shifts in Federal Reserve policy or major institutional announcements would also be worth tracking.