"Now it's just a hair's breadth"...Bitcoin on the verge of explosion at the doorstep of $80,000

▲ Bitcoin (BTC)/AI generated image

Optimism is rapidly spreading across the market as Bitcoin (BTC) responds to external variables, namely the easing of tensions in the Middle East, bringing it to the brink of breaking the $80,000 mark.

According to crypto media outlet CryptoPotato on April 24 (local time), Bitcoin surged immediately after US President Donald Trump announced an extension of the ceasefire with Iran, breaking past $78,000 and subsequently rising to $79,500, nearing its highest level since January.

However, the market did not fully recover the psychological resistance level of $80,000, instead undergoing a correction back below $78,000. Since then, the rebound has continued, again surpassing $78,000, showing an expanded volatility trend.

During this rally, a large number of investors who had taken excessive leveraged positions were liquidated, resulting in liquidations worth approximately $500 million within a 24-hour period. This is interpreted as an indicator that the market structure was rapidly reorganized during the short-term surge.

The easing of tensions in the Middle East acted as a key factor in improving investor sentiment. Discussions about extending the ceasefire between Israel and Lebanon further spread expectations of stability across the market, which also positively impacted the cryptocurrency market.

During the same period, Bitcoin only rose by about 4% on a weekly basis, while some altcoins recorded much higher gains. Memecoin MemeCore (M) hit an all-time high, surging 24%, and Monero (XMR), Zcash (ZEC), and Stellar (XLM) also rose between 5% and 9%. In contrast, AAVE and Worldcoin (WLD) fell by 17% each, widening the gap between individual assets in the market.

*Disclaimer: This article is for investment reference only and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*