Bitcoin Surges Past $77,000 as US Extends Iran Ceasefire

Bitcoin's price has risen sharply in response to the US announcement to extend the Iran ceasefire. The cryptocurrency has broken above the $77,000 level, up 2.5% over the last 24 hours.

The surge in Bitcoin's price has been driven by increased buying pressure from institutional investors and retail traders. According to data from CoinGlass, over 114,000 traders were liquidated in the past 24 hours, with total liquidations reaching $330 million. This 'squeeze' on leveraged positions has helped accelerate the upside.

The extension of the Iran ceasefire has provided a boost to sentiment, and growing institutional acceptance of cryptocurrency is also supporting the asset class's increasing integration into mainstream finance.