Bitcoin price eyes ascending triangle breakout, will it reclaim $80,000?
The post Bitcoin price eyes ascending triangle breakout, will it reclaim $80,000? appeared on BitcoinEthereumNews.com.
Bitcoin price edged closer to the $75,000 mark after news reports suggested a potential de-escalation of the U.S.-Iran war. Bitcoin is now close to breaking out of an ascending triangle that could push it higher this week. Summary Bitcoin price climbed toward $75K on U.S.-Iran ceasefire hopes and easing inflation fears as oil prices dropped. A $225 million short squeeze across derivatives markets accelerated BTC’s rally and strengthened bullish momentum. BTC is approaching a breakout above $76K from an ascending triangle, with $80K as the next key resistance level. According to data from crypto.news, Bitcoin (BTC) price rose nearly 6% to a 4-week high of $74,788 on Tuesday morning Asian time. Trading at $74,675 at press time, it stood nearly 9% higher over the past week. Bitcoin price climbed higher amid renewed hopes of a potential ceasefire deal between the U.S. and Iran after the latter hinted that its officials are ready to abandon pursuing a nuclear enrichment program. This came just a day after U.S. naval forces began intercepting and blocking Iranian traffic at the Strait of Hormuz. Following this, crude oil prices, which rose to nearly $120 yesterday, came crashing down under $100 at press time, reducing fears of global inflation and boosting risk assets such as Bitcoin. Bitcoin price also benefited from anticipation surrounding the U.S. Producer Price Index (PPI) scheduled for release later today, as investors look for signs that wholesale inflation might come in lower than the 4.6% year-over-year forecast. Risk assets, including Bitcoin, tend to thrive when PPI data shows cooling below expectations—currently estimated at a 1.2% monthly increase, as it suggests slowing inflation at the production level. This trend could encourage the central bank to pause its aggressive stance on interest rates or even begin cutting interest rates later this year. Over $225…
Filed under: News - @ April 14, 2026 8:30 am