Bitcoin Nears $78K as Hormuz Reopening Pushes Oil Lower

On April 17 bitcoin approached $78,000, trading at $77,765 at 10:27 a.m. ET after breaking above prior resistance. The token rose 5.69% over 24 hours and earlier reached a session high of $77,717.

Price cleared a consolidation band around the mid-$75,000 area and moved into the $77,000 region. On the 4-hour Bitstamp chart the pattern showed a sequence of higher highs and higher lows. Trading volume increased during the breakout and remained above levels seen during consolidation.

Technical indicators showed strong short-term momentum alongside elevated near-term risk. The Relative Strength Index was 73.73, in overbought territory. The MACD remained bullish, with the MACD line at 837, the signal line at 702 and a histogram reading of 135. Short-term simple moving averages were below the market, with the 14-period at $75,040 and the 21-period at $74,835. Bollinger Bands widened, with the upper band near $76,526 and the lower band around $73,171, and price trading beyond the upper band.

Geopolitical developments coincided with the market moves. President Donald J. Trump declared the Strait of Hormuz ‘completely open and ready for business and full passage’ and added that a naval blockade targeting Iran will remain until a transaction with the country is completed. A 10-day ceasefire between Israel and Lebanon took effect on April 16, and Iran’s foreign minister Abbas Araghchi stated the strait would remain open for the remainder of the truce. Shipping data showed loaded tankers beginning to exit the Gulf, including three Iranian vessels carrying roughly 5 million barrels of crude. Oil prices fell about 10%.

Investors and analysts will watch whether bitcoin holds above the $75,000–$75,800 area that acted as resistance before the breakout. Volume and intraday support levels will be monitored to determine if buyers can defend the new levels or if profit-taking reduces the advance.