Bitcoin hits two-month high near $78,000 on easing tensions, technicals point to $84,000 on breakout

Bitcoin climbed to a two-month high near $78,000, supported by easing geopolitical tensions and renewed confidence among investors. The cryptocurrency was trading at $77,162 witnessing a jump of 3.09% in the past 24 hours.

Ethereum went up 3.55% in the past 24 hours to trade at $2,411. Among the major altcoins, XRP, BNB, Solana, Tron, Dogecoin, Hyperliquid, and Cardano gained upto 2.53%.

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The global crypto market capitalisation went up 2.73% to $2.61 trillion, according to CoinMarketCap.

Piyush Walke, Derivatives Research Analyst, Delta Exchange said from a technical perspective, Bitcoin faces its next key resistance near $79,000, a decisive breakout above this level could open the path toward $84,000.

Walke further said that Ethereum is trading close to its 100-day EMA, with momentum stabilizing and supported by continued inflows into spot ETFs; XRP remains firm above the $1.44 support level, aided by a bullish MACD signal and improving market sentiment.

In the past week, Ethereum and Bitcoin rallied upto 7.79% and 5.98% respectively. Among the major altcoins, XRP, BNB, Solana, Tron, Dogecoin, Hyperliquid, and Cardano gained upto 9.29%.

WazirX Market’s Desk said the crypto market saw a steady upward trend this week, supported by a pullback in oil prices below $100, which helped ease inflation concerns and improve overall risk sentiment.

“Policy developments, including progress on the U.S. Crypto Clarity Bill and South Korea’s openness to stablecoins, further highlight a maturing regulatory landscape”

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Institutional demand remained a key driver. BlackRock’s Bitcoin ETF recorded inflows of over $817 million. Overall, the market reflects a healthy expansion phase, with strong inflows and broad participation supporting a positive outlook,” WazirX Markets Desk further said.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

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