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Amidst the virtual asset market showing a mixed trend due to geopolitical tensions surrounding the Strait of Hormuz and the clash of technical indicators, Bitcoin (BTC) is exploring new price paths by breaking through a key resistance level.
According to a Benzinga report on April 24 (local time), major assets such as Bitcoin, Ethereum (ETH), XRP, and Dogecoin (DOGE) are reacting sensitively to uncertainty from the Middle East. The threat of Iran's Strait of Hormuz blockade combined with US President Donald Trump's ceasefire extension measures has led to a stark divergence in market risk appetite. Inflation concerns due to surging oil prices are limiting the upside of asset prices, while attempts at technical rebounds continue.
Virtual asset analysts are noting that Bitcoin has successfully reclaimed the $78,000 level. Rekt Capital diagnosed that Bitcoin continues to struggle at the $78,900 resistance level, near the 21-week Exponential Moving Average (EMA). The analyst assessed that if Bitcoin stably supports this range, it has entered the gateway to a bull market where it could exceed $86,000 and $90,000, potentially reaching $130,000 in the long term.
On the other hand, the altcoin market is showing a mixed trend amidst Bitcoin's dominance. Ethereum is maintaining the $2,300 level and following Bitcoin's trend, but explosive gains are suppressed due to investors' preference for safe-haven assets driven by geopolitical risks. XRP is consolidating around $1.42, while Dogecoin is exploring its direction, blocked by the resistance line of a parallel channel.
The tension in the Strait of Hormuz is exerting direct pressure not only on virtual assets but also on traditional financial markets. This is because concerns about disruptions in the crude oil supply chain have pushed Brent crude prices above $100 per barrel, increasing macroeconomic volatility. Despite Trump's diplomatic efforts, Iran's firm stance has persisted, causing the market's Fear & Greed Index to drop to 21, indicating "Extreme Fear."
Investors are identifying the actual passage of ships through the Strait of Hormuz over the weekend and Bitcoin's ability to hold the $78,000 level as key variables. Analysis suggests that a full-fledged rally will only be possible if technical breakout signals are confirmed by on-chain capital inflows and supply/demand for spot Bitcoin ETFs. The market is closely watching whether geopolitical risks will subside, allowing virtual assets to regain their momentum as risk assets.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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