Bitcoin, the pioneer cryptocurrency, is up around 3% to $78,112.87 in the last 24 hours, outperforming the broader market’s 2.47% gain. The rise is mainly driven by easing global tensions following Trump’s ceasefire update and strong institutional buying.
Let’s look at the key reasons why the Bitcoin price is up today.
One major trigger came from Donald Trump, who announced on Truth Social that the United States will extend its ceasefire with Iran.
However, the extension is at Pakistan’s request, acting as a mediator. It allows more time for Tehran to present its proposal. Meanwhile, the original two-week ceasefire was set to end on Wednesday
However, the situation remains complex as Iran has not officially responded yet. While the US will continue its blockade of Iranian ports.
At the same time, institutional accumulation continues to strengthen the market. Michael Saylor’s firm, Strategy, recently purchased 34,164 BTC worth around $2.54 billion at an average price of $74,395.
This brings the company’s total holdings to 815,061 BTC, making it the largest corporate Bitcoin holder, ahead of BlackRock’s iShares Bitcoin Trust (IBIT).
This signals an intensifying institutional accumulation race, adding strong support to Bitcoin’s price.
Another key factor behind today’s rally is the steady inflow into Bitcoin exchange-traded funds.
Over the past six days, Bitcoin ETFs have attracted more than $1.62 billion in net inflows, creating consistent buying pressure in the market.
Major funds, including BlackRock’s IBIT and products linked to Morgan Stanley, have recorded up to ten consecutive days of inflows, effectively absorbing selling pressure and supporting price stability.
The rally was also intensified by a short squeeze. CoinGlass data shows more than 107,000 traders were liquidated, with total liquidations reaching $454.87 million in 24 hours.
Short positions alone accounted for a $319.99 million, helping push prices higher quickly.
For now, Bitcoin has broken out of a descending broadening wedge, effectively ending the downtrend that had persisted for more than seven months.
If it stays above $78,000, the next possible target is around $81,952.
But if buying slows down or ETF inflows weaken, the price could fall back toward $75,170.
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