Bitcoin (CRYPTO: BTC) hit a 12-week high of $79,488 on Monday morning as Iran offered a new proposal to reopen the Strait of Hormuz, extending April’s rally to 16%.
The Iran Deal Catalyst
The rally marked the highest level since January 31 and the first monthly double-digit gain since May 2025.
Axios reported Iran’s proposal to the U.S. to reopen the Strait of Hormuz, sending Asian shares higher and pulling crude oil back from earlier gains.
Bitcoin has meanwhile pulled back below $78,000 as Rachael Lucas, an analyst at BTC Markets, notes that $80,000 is where many recent buyers approach breakeven, typically where selling pressure emerges.
Institutional Demand Returns
Digital asset investment products saw $1.2 billion of inflows last week, the fourth consecutive positive week, according to CoinShares.
Total assets under management rose to $155 billion, the highest level since February 1.
Bitcoin led with $933 million in inflows, bringing year-to-date flows to $4 billion. Ethereum (CRYPTO: ETH) saw $192 million of inflows, the third consecutive week above $190 million.
Blockchain equity ETFs recorded $617 million in inflows over the past three weeks, hitting record weekly inflows.
U.S.-listed spot Bitcoin ETFs have seen a notable recovery this month. Net inflows in April reached roughly $2.5 billion, putting it on pace to double March’s total.
Moreover, Strategy Inc. (NASDAQ:MSTR) bought $3.9 billion worth of Bitcoin so far this month, the most in a year, according to company data compiled by Bloomberg.
The Technical Picture
The rising channel from February’s lows remains intact, with the upper boundary near $79,500 and the lower boundary around $72,000.
Today’s pullback is simply a rejection at the channel ceiling—textbook behavior after a run from $61,000 to nearly $79,500 over three weeks.
The Supertrend at $72,020 has been green for weeks and continues to step higher.
The MACD is the most bullish it’s looked all year, with the blue line at 2,057 sitting well above the signal at 1,876 and the histogram printing the largest green bars since October 2025.
What’s Next
Traders are watching this week’s Federal Reserve and European Central Bank decisions, along with megacap tech earnings, for a potential catalyst to push Bitcoin above $80,000.
Support sits at $74,017, then $72,020 (Supertrend), then $70,000 (channel mid).
Meanwhile, resistance clusters at $79,500 (channel top), then $80,000, then $85,000.
Image: Shutterstock
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