Bitcoin jumped about 3% in the last 24 hours to $78,112.87, outperforming the broader crypto market’s 2.47% gain. The rally combined easing geopolitical tensions, aggressive institutional accumulation, and sustained ETF inflows. On the technical side, Bitcoin broke out of a seven-month descending broadening wedge.
Trump Extends Iran Ceasefire, Geopolitical Risk Fades
Donald Trump announced on Truth Social that the U.S. will extend its ceasefire with Iran at Pakistan’s request. The original two-week pact was set to expire Wednesday. While Iran has not officially responded, the extension removes an immediate conflict risk, driving safe-haven flows away from traditional assets and into risk-on plays like crypto.
Institutional Accumulation: Strategy Adds $2.54B in BTC
Michael Saylor’s firm, Strategy, purchased 34,164 BTC at an average price of $74,395, worth roughly $2.54 billion. This brings Strategy’s total holdings to 815,061 BTC, making it the largest corporate Bitcoin holder, surpassing BlackRock’s iShares Bitcoin Trust (IBIT). The race for institutional dominance is intensifying, providing a solid bid beneath prices.
ETF Inflows Hit $1.62B in Six Days, Short Squeeze Adds Fuel
Bitcoin ETFs recorded $1.62 billion in net inflows over the past six trading days. Major funds including BlackRock’s IBIT and products tied to Morgan Stanley saw up to ten consecutive days of inflows, absorbing selling pressure. Meanwhile, CoinGlass data shows 107,000 traders were liquidated in 24 hours, with total liquidations of $454.87 million. Short positions accounted for $319.99 million of that total, amplifying the upside through a classic short squeeze.
Technical Breakout: From Descending Wedge to $81,952 Target
Chart analysts note Bitcoin has decisively exited a descending broadening wedge that had suppressed prices for over seven months. If the price holds above $78,000, the next upside target sits near $81,952. However, a slowdown in buying momentum or weaker ETF flows could pull prices back to $75,170 support.