Bitcoin Price Breaks Seven-Month Resistance Level

Bitcoin's price has broken above a significant resistance level, marking a turning point for the cryptocurrency. Since October 2025, Bitcoin had been stuck in a descending channel, with each rally attempt capped by a trendline. However, on Thursday, Bitcoin surged past this line, reaching an intraday high of $78,384.

The move is attributed to a geopolitical trigger, with Iran's announcement that the Strait of Hormuz will remain open during the ongoing ceasefire. This news sent oil prices tumbling and risk assets surging in tandem. As a result, Bitcoin climbed above $78,000 before pulling back slightly.

Myriad prediction markets are reflecting the bullish sentiment among traders. The markets show a 69% chance of Bitcoin reaching $84K before dropping to $55K. However, the likelihood of a new all-time high before July remains low at just 6%. This suggests that while some traders believe in a strong upside for Bitcoin, others remain cautious and expect a more gradual price increase.