- Cryptocurrency Today: Bitcoin, Ethereum, and XRP Gain After US Ceasefire Extension
Cryptocurrency prices are gradually rising on Wednesday, with Bitcoin surpassing the $78,000 mark, a key level, at the time of writing this report. Ethereum shows signs of continued recovery, trading near $2,400, while Ripple hovers above the immediate support level regained at $1.45.
- Trump extends ceasefire between the United States and Iran, sparking optimism about the recovery of Bitcoin, Ethereum, and Ripple.
U.S. President Donald Trump announced on Tuesday that he has extended the ceasefire in the war with Iran "until their leaders and representatives can reach a unified proposal."
Although the second round of peace talks in Islamabad, Pakistan, remains unconfirmed, Vice President J.D. Vance is expected to lead the U.S. delegation when they convene. Meanwhile, Iran has not confirmed its participation in the peace talks, citing ongoing U.S. sanctions on its ports and what the Iranian regime describes as negotiations under "threat."
The extension of the ceasefire has boosted market sentiment in the crypto space, with the total market capitalization rising by 1.8% over the past 24 hours to $2.7 trillion, according to CoinGecko data. Overall, a mood of fear prevailed on Wednesday, after reaching a peak of fear last week, as shown by the Crypto Fear & Greed Index.
The steadily increasing sentiment could enhance risk appetite, increasing the likelihood of an extended recovery.
Crypto Fear & Greed Index | Source: Alternative
- Today’s Chart: Bitcoin Nears Breaking the Psychological Resistance Level of $80,000:
Bitcoin is currently trading at $78,145, maintaining a short-term bullish trend, as its price exceeds the 50-day and 100-day exponential moving averages (EMA), which are at $72,351 and $75,379, respectively. Both moving averages support this positive trend, although the 200-day EMA, at $82,574, still limits potential gains.
The Relative Strength Index (RSI) at 65 on the daily chart indicates a bullish trend without signaling overbought conditions, while the Moving Average Convergence Divergence (MACD) remains positive, suggesting strong bullish momentum.
Daily BTC/USDT Chart
In the bullish scenario, the first resistance level is at the psychological barrier of $80,000, followed by the 200-day EMA at $82,574, which represents the next significant hurdle for buyers and a potential profit-taking zone if tested. On the downside, immediate support is at the 100-day EMA near $75,379, while the 50-day EMA at $72,351 provides deeper support for the trend. A daily close below these moving averages would weaken the current bullish structure and indicate a broader correction phase.