Bitcoin Tops $79,000 as S&P 500 Rises After Iran Truce

Bitcoin climbed to an 11-week high above $79,000 on April 22 after President Donald Trump extended the U.S.-Iran ceasefire late on April 21 at Pakistan’s request. The extension reduced immediate concerns about renewed military action near the Strait of Hormuz and helped push U.S. stocks higher.

Bitcoin opened the session near $76,342, reached an intraday peak of $79,214 and finished the day around $78,800 to $78,900, up about 4.1%. Twenty-four-hour trading volume exceeded $47 billion. The price move extended bitcoin’s recovery from a February low near $60,057.

U.S. equity indexes advanced in parallel. The S&P 500 rose roughly 0.9% to about 7,125, closing nearer to its April highs. The Nasdaq Composite gained about 1.1% to near 24,540, led by technology and artificial-intelligence related stocks, while the Dow Jones Industrial Average added roughly 0.8% to around 49,530.

Market participants pointed to strong quarterly results from several large technology companies and continued corporate capital spending on AI infrastructure as contributors to gains in tech-heavy indexes. Expectations for Federal Reserve rate cuts later in the year and potential fiscal measures from pending legislation were additional factors cited by strategists.

Institutional flows supported bitcoin’s advance. An investment firm identified as Strategy purchased 34,164 BTC for about $2.54 billion in the week ending April 19, its third-largest weekly buy on record, bringing the firm’s holdings to 815,061 BTC. Strategy’s preferred equity instrument, STRC, funded roughly 77,000 BTC year-to-date. Spot bitcoin exchange-traded funds recorded steady inflows, with BlackRock’s IBIT and other funds posting hundreds of millions in net inflows on select days; one week logged roughly $996 million in total ETF demand.

On-chain indicators showed lower near-term selling pressure. Exchange-held bitcoin reserves fell to about 2.21 million BTC, near seven-year lows, and analysis of large wallets indicated accumulation of several hundred thousand BTC over the prior 30 days. Short liquidations of leveraged positions were estimated between $180 million and $650 million during recent price moves. Ether, XRP and a range of altcoins and meme tokens also rose during the risk-on session.

Technical traders cited the $74,000 to $76,000 band as new near-term support for bitcoin after the breakout. Immediate resistance was identified around $79,000 to $80,000, with higher targets in the $85,000 to $88,000 area. Some institutional desks kept cautious longer-term views on bitcoin, while a few banks maintained bullish S&P 500 targets, including a target near 7,600.

Later in the trading session, reports emerged that Iran had struck ships in the Strait of Hormuz. Early market moves, however, reflected the initial announcement of an indefinite extension of the ceasefire and the perceived short-term reduction in military risk. Traders and investors continued to monitor flows, on-chain reserves and geopolitical headlines for the next directional cues.