Bitcoin BTC$79,016.85 climbed above $79,000 on Wednesday, hitting its strongest level since early February as a long-awaited breakout attempt gathered momentum.
The largest crypto rose 4.5% over the past 24 hours, leading major altcoins ether (ETH), BNB BNB$645.98, Solana (SOL) and XRP higher. The broad-market CoinDesk 20 Index advanced 3.5%.
Crypto-linked stocks also rose. Strategy (MSTR), the largest corporate BTC holder, jumped 10% while stablecoin issuer Circle Internet (CRCL) gained 9% and crypto exchange Coinbase (COIN) rose 6%. Bitcoin miners MARA Holdings (MARA) and Riot Platforms (RIOT) added 6%-7%.
The broader macro backdrop also turned supportive. The S&P 500 rose 0.9%, and the Nasdaq added 1.3% to record highs, extending the risk-on environment.
The gains followed U.S. President Donald Trump’s remark late Tuesday that he would extend the Iran ceasefire while maintaining a naval blockade of the Strait of Hormuz. Still, uncertainty around peace talks remains.
“BTC’s near-term direction remains highly dependent on macro and geopolitical developments,” said Paul Howard, a senior director at Wincent. He pointed to $72,000 as key support, with upside potentially could be capped near the $79,000–$80,000 range as traders take profits.
Bitcoin short squeeze potential
While macro risks are still in place, derivatives positioning could fuel the rally higher.
Perpetual swap traders remain heavily skewed bearish, with seven-day funding rates at near three-year lows, noted Vetle Lunde, head of research at K33 Research. At the same time, open interest continues to trend higher, suggesting fresh leverage is entering the market.
BTC price and average perp funding rates (K33)“Rising leverage alongside deeply negative funding suggests shorts are steadily building in perps, increasing both the likelihood and potential magnitude of a short squeeze,” he wrote.
“We continue to see strong breakout potential for BTC, with concentrated shorts providing ample fuel for a move higher,” Lunde added.
The $79,000-$80,000 zone, however, carries additional weight for bitcoin. It aligns with the short-term holder realized price — a measure of the average cost basis for newer market participants, who tend to be more sensitive to volatility and more likely to sell into strength.
For now, BTC is testing that hurdle. A clean move above it could signal stronger conviction behind the rally, but failing to hold could invite renewed selling pressure and profit-taking from shorter-term holders.
Source: https://www.coindesk.com/markets/2026/04/22/bitcoin-tops-usd79-000-as-crypto-rally-gathers-steam-circle-coinbase-strategy-lead
