Bitcoin Price Surges Amid US-Iran Ceasefire Extension and US Treasury Buyback

The price of Bitcoin has continued its upward trend, reaching a new high of over $78,000 on Wednesday. This surge in price comes after a nearly 6% gain in the past week, making it one of the best-performing assets in the market.

The extension of the US-Iran ceasefire is seen as a key factor contributing to Bitcoin's price increase. The move has led to a broad risk rally, with investors becoming more optimistic about the global economy. Additionally, the US Treasury's plan to buy back $15 billion of its own debt this week is expected to inject fresh liquidity into markets, which could further boost Bitcoin's price.

Institutional demand for Bitcoin remains cautious, with spot ETFs recording a mild inflow of $11.84 million on Tuesday. However, if ETF inflows continue and intensify, it could lead to a further rally in Bitcoin's price. Technical analysis suggests that the cryptocurrency is trading within an upward parallel channel and above its key moving averages, indicating a bullish near-term bias.