Bitcoin Climbs Toward $78K as Hormuz Shipping Reopens, Crypto Market Rebounds

Bitcoin rallied sharply on Friday, reaching an intraday high of $78,100 after U.S. President Donald Trump announced that the Strait of Hormuz was fully open for business. His remarks followed statements from Iran confirming that commercial shipping had resumed under a ceasefire agreement, helping calm fears of further disruption in one of the world’s most critical trade routes.

The jump pushed Bitcoin to its highest level in roughly two and a half months. The cryptocurrency had previously traded above $78,000 before retreating from near $90,000 to around $60,000 earlier in February. As trading progressed, Bitcoin stabilized near $77,700.

The positive momentum spread across the broader digital asset market. Ethereum, XRP, and Dogecoin each posted gains of more than 5% over the past 24 hours, helping lift the total cryptocurrency market capitalization back above $2.7 trillion.

Traditional markets also responded positively. U.S. equities advanced, with the S&P 500 touching a new record high near 7,125. Meanwhile, oil prices dropped sharply, sliding from around $91 at Thursday’s close to below $81 on Friday morning as supply concerns eased.

Despite the optimism, uncertainty remains. The reopening of the Strait of Hormuz is linked to a temporary 10-day ceasefire, while the U.S. is reportedly maintaining naval pressure on Iran. This leaves open questions about how stable the route will remain in the near term. Trump later added that Iran had agreed not to close the strategic waterway again.

Market sentiment has improved significantly, with traders increasingly betting on further upside for Bitcoin. On prediction platform Polymarket, the probability of BTC reaching $80,000 in April surged from 35% to 68% within hours.

Even so, caution persists. Investor sentiment remains subdued, and traders continue to watch the $78,000 zone as an important resistance level. A sustained breakout may require stronger spot demand and continued support from improving macroeconomic conditions.