Bitcoin (BTC-USD) rose more than 2% on Wednesday, climbing above $78,000 per token and reaching its highest level in more than 10 weeks, News.Az reports, citing foreign media.
The upward move followed U.S. President Donald Trump’s decision to extend a ceasefire with Iran without setting a new deadline. Investors viewed the extension as a sign of near-term de-escalation in the Middle East conflict, supporting risk appetite in financial markets.
Since the outbreak of the Iran war on February 28, Bitcoin has outperformed several traditional safe-haven assets, including gold (GC=F). The cryptocurrency has gained more than 18% over the period, while gold has fallen by roughly 8%.
“Bitcoin is increasingly behaving as a hybrid asset, drawing inflows during periods of easing tensions and as a hedge during geopolitical uncertainty,” said David Morrison, a senior market analyst at Trade Nation.
Market participants are now watching the $80,000 level as the next major technical resistance point for Bitcoin.
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