Bitcoin Magazine
Bitcoin Price Charges Past $77,000 as Iran Says Strait of Hormuz Fully Open
Bitcoin price soared above $77,000 this morning after Iran declared the Strait of Hormuz completely open under a new ceasefire framework and President Donald Trump amplified the message with a post that highlighted full passage through the waterway. The move sharpened an existing risk-on rotation across global markets and pushed the largest cryptocurrency back toward a resistance band that has capped every rally since early February.
Iranian Foreign Minister Abbas Araghchi said the Strait of Hormuz is open to all commercial vessels for the remaining period of the ceasefire, tying the decision directly to a 10‑day truce between Israel and Hezbollah in Lebanon.
The announcement framed the reopening as part of a broader effort to align maritime security with de‑escalation along the Lebanon front, where skirmishes had threatened to derail parallel talks over the wider conflict with Tehran.
Trump seized on the development, posting that “the Strait of IRAN is fully open and ready for full passage. THANK YOU!” and repeating the message again after Araghchi’s statement circulated. The White House has cast a potential settlement with Iran as reachable within days, with Trump saying talks could take place this weekend and hinting at a meeting between Israeli and Lebanese officials in Washington within two weeks.
For energy and macro traders, a fully open Hormuz removes the worst‑case scenario that had hung over crude and shipping since early March. Oil prices slid as war and blockade premia faded, and that drop fed straight into crypto and equities, where investors have treated every sign of progress in the Iran track as a green light to add risk.
JUST IN: Bitcoin pumps above $77,000!
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Bitcoin price presses resistance as shorts lean in
Against that backdrop, bitcoin price has marched back toward the $76,000–$78,000 band that marked the last major top before February’s washout to a bitcoin price of $60,000. Each push into that zone has met heavy selling, with a visible wall of offers sitting just above the market and a cluster of liquidation levels for over‑levered shorts and longs only a few hundred dollars away.
Derivatives data show that perpetual funding has flipped negative across major venues, a sign that traders pay to hold short positions at current levels. That structure points to a market positioned against further upside even as spot pushes higher, and it sets the stage for a textbook squeeze if the Hormuz catalyst and broader ceasefire narrative keep drawing fresh demand from both retail and large balance‑sheet buyers.
Volatility around this band has already risen. Intraday spikes through $76,000 have triggered waves of liquidations and rapid reversals as shorts scramble to cover and opportunistic sellers fade strength, according to Bitcoin Magazine Pro.
Fear, flows and the path toward $80,000
Sentiment has not healed in step with price. Surveys and composite gauges still sit in “extreme fear,” shaped by the February drawdown, heavy profit‑taking on prior bounces and concerns that the macro backdrop remains fragile even with oil off the highs. On‑chain metrics show many active bitcoin holders sit near or below their cost basis, a pattern that turns every move into resistance as sidelined sellers use strength to cut risk.
Flows add to that picture. Offshore exchanges and structured buying programs have done much of the recent lifting, while deeper U.S. spot venues and larger institutional allocators remain cautious.
Public miners, which dumped significant coin inventories through the first quarter, continue to feed a steady stream of supply into rallies as they fund operations and expansion.
That mix leaves bitcoin price at an inflection point shaped as much by Hormuz headlines as by funding curves and flow of funds. If the strait stays open, the Lebanon ceasefire holds and Trump’s push for a broader deal with Iran produces tangible steps, the current bid under risk assets could drive a clean break through $77,000 and force shorts to capitulate.
If talks stall, violations mount or oil snaps back, the same crowded positioning could flip and drag the price back toward the low‑$70,000 range as profit‑takers and miners meet a thin bid.
At the time of writing, the bitcoin price is back down near $76,000.
This post Bitcoin Price Charges Past $77,000 as Iran Says Strait of Hormuz Fully Open first appeared on Bitcoin Magazine and is written by Micah Zimmerman.
