Why Analysts Say Bitcoin’s Rise to $79,500 Lacks Conviction
Bitcoin added $5,000 to its value in 72 hours, reaching its highest level since February. The total market cap rose to $1.58 trillion while the rapid price jump triggered a short squeeze, liquidating $207 million in short bets.
Bitcoin surged to $79,500 on April 22, hitting a 72-hour high after President Trump extended an Iran ceasefire.
A massive short squeeze liquidated $207 million in bets as bitcoin’s market cap climbed toward $1.58 trillion.
QCP analysts expect a holding pattern for #BTC until oil drops or the Federal Reserve offers clearer signaling.
the surge was tied to the extension of a ceasefire between Iran and the U.S. announced by President Donald Trump on Tuesday night. This followed Iran’s refusal to attend peace talks in Islamabad, Pakistan. While Trump suggested the delay would give Iranian leaders more time, multiple media reports cited infighting between government officials and the Islamic Revolutionary Guard Corps—which appears to be calling the shots—as the real reason Iran could not send a delegation.