Bitcoin hits 3-month high today: Here we decode why
What's the story
Bitcoin continued its slow climb toward the $80,000 mark today. The cryptocurrency rose by as much as 1.6% to hit $79,488, its highest since January 31 when it last crossed the $80,000 threshold. The rise comes amid speculation about a potential resolution in the US-Iran conflict over the Strait of Hormuz.
Reaction
Asian shares gain on news of Iran's proposal to US
The news of Iran's new proposal to the US for reopening the Strait of Hormuz has boosted Asian shares. The potential reopening of this key trade route has also contributed to Bitcoin's rise. Ethereum, the second-largest digital asset, also saw a gain of 1.7%.
Forecast
BTC Markets analyst warns of potential risks
Rachael Lucas, an analyst at BTC Markets, has warned that US-Iran peace deal odds have collapsed. She said this could lead to a broad repricing of risk assets. "$80,000 is where many recent buyers are approaching breakeven, which is typically where selling pressure emerges as they rotate out of their positions," she said.
Market trends
Bitcoin gains 16% in April so far
Bitcoin has been steadily moving toward the $80,000 mark in recent sessions. This is due to traders covering short positions and an increase in institutional demand. The cryptocurrency has gained 16% so far this month, its first double-digit monthly gain since May 2025.