Bitcoin (BTC) Price: Bulls Are Back — Here’s Why BTC Just Hit a 3-Month High

TLDR

• Bitcoin hit a 3-month high of $81,765, reclaiming the $80,000 level
• U.S.-Iran ceasefire confirmed still holding, easing geopolitical pressure on risk assets
• Strategy reported a $14.5 billion operating loss in its latest earnings
• Analyst eyes $82,000 (200-day MA) and $83,000 (ETF cost-basis) as next key levels
• Whale wallets have accumulated 16,622 BTC in May while small wallets sold off

Bitcoin climbed to its highest price in over three months on Tuesday, reaching $81,765 before consolidating. The move came as investors responded positively to news that a U.S.-Iran ceasefire remained intact.

At 17:41 ET, BTC was up 1.4% at $81,392, trading above the 100-hour simple moving average. The $80,000 level had been reclaimed just a day earlier on Monday.

The trigger for the broader market rally was clarity from U.S. Secretary of War Pete Hegseth. He confirmed that “Project Freedom,” a U.S. military operation escorting ships through the Strait of Hormuz, was not a breach of the ceasefire with Iran.

Geopolitical tension doesn’t directly affect crypto fundamentals, but it typically dampens appetite for risk assets. Tuesday’s de-escalation helped lift sentiment across markets.

Key Price Levels to Watch

Analyst Iliya Kalchev of Nexo Dispatch pointed to two levels that matter most right now. The 200-day moving average sits near $82,000, and ETF cost-basis references are around $83,000.

On-chain data from Santiment showed a pattern that has historically preceded strong bull runs. Wallets holding between 10 and 10,000 BTC accumulated 16,622 BTC this month, while wallets holding less than 0.01 BTC sold off 28 BTC.

Analyst Ted Pillows highlighted the unfilled CME gap near $84,000 as a near-term target. He noted that if BTC holds above $80,600, that gap could be the next destination. A drop below $80,000, however, could push price back toward the $77,000–$78,000 range.

Strategy’s Earnings in Focus

Corporate Bitcoin holder Strategy also reported earnings Tuesday. The company posted a $14.5 billion operating loss, widening from the prior year. The result was largely expected by analysts given Bitcoin’s price swings during the quarter.

Immediate resistance sits at $81,500, followed by $81,750. A break above that could open the door to $82,500 and then $83,200. Support holds at $80,150, with a deeper floor around $78,350.

Bitcoin’s high for this move was $81,765, set from a swing low of $74,940.

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