Bitcoin rises past $80,000, breaking 'major' psychological resistance zone
Bitcoin (BTC) rose above $80,000 late Sunday, leading a broader crypto market rally across major cryptocurrencies, as investors closely assess the latest U.S.-Iran developments.
The world's largest cryptocurrency jumped 2.6% over the past 24 hours to $80,150 as of 11:40 p.m. ET Sunday. Ether gained 3.6% to $2,382, and XRP added 2% to $1.41.
"Bitcoin's surge past $80,000 breaks through a resistance zone that limited price action over the weekend," Nick Ruck, director of LVRG Research, told The Block. "The quick shift places near-term momentum firmly as bullish and confirms buyer strength after the earlier pullback."
Dominick John, an analyst of Zeus Research, said that markets are seeing a technical short squeeze as price breaks through a "major" psychological resistance zone.
'Project Freedom'
The price action comes as tensions between the U.S. and Iran persist. In a Truth Social post on Sunday, U.S. President Donald Trump announced "Project Freedom" — an initiative he said would "free" stranded cargo ships affected by the closure of the Strait of Hormuz.
Trump said the U.S. would guide stranded ships out of the strait, "so that they can freely and ably get on with their business." The initiative is set to begin on Monday morning, according to Trump.
However, Ebrahim Azizi, a senior Iranian official, warned that any U.S. interference in the Strait of Hormuz would be considered a violation of the ceasefire, CNN reported.
Also on Sunday, Trump said that his representatives "are having very positive discussions" with Iran, and these discussions could "lead to something very positive for all."
International benchmark Brent crude futures climbed 0.26% to $108.49 per barrel, while WTI Crude edged down 0.12% to $101.84.
Sustained ETF inflows
Meanwhile, spot bitcoin exchange-traded funds in the U.S. reported a fifth straight week of inflows, totaling $153.87 million last week, according to SoSoValue data.
"Sustained five-week inflows into U.S. spot bitcoin ETFs highlight growing institutional support and confidence in bitcoin as a strategic asset in portfolios," said Ruck.
Looking ahead to the coming week, John noted that traders will be watching May 7 initial jobless claims for signals on labor strength, U.S.-Iran negotiation headlines driving risk sentiment swings, and steady ETF inflows to gauge whether institutional demand is strengthening or fading.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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