Bitcoin rises past $76,000, aiming at major breakout as oil plunges on Iran cooldown

The price of bitcoin has again pushed above $76,000 alongside about a 10% plunge in the price of crude oil on an apparent reopening of the Strait of Hormuz.

“The passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire,” said Iranian Foreign Minister Seyed Abbas Araghchi in an X posting.

The news sent the price of WTI crude oil down nearly 10% to $85.90 per barrel, about its lowest price since shortly after the outbreak of the war in early March.

Alongside bitcoin has risen to $76,400, up 3 over the past 24 hours. U.S. stock index futures are higher by about 1% across the board.

Why the $76,000 area is important

Bitcoin was trading around the $76,000-$78,000 level in the days before the Feb. 5 crash that sent its price tumbling all the way back to $60,000. In recent days, BTC has risen above $76,000 on numerous occasions, only to be met with a wave of quick selling.

Technicians believe that a sustained break to around $77,000 could set the stage for a return to significantly higher levels.