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Bitcoin (BTC) pushed close to $77,000 on April 17, its highest level in about 10 weeks, as traders reacted to easing supply fears after Iran and U.S. officials said the Strait of Hormuz was open to commercial traffic during the current ceasefire window. The move came alongside a sharp drop in oil, with Brent falling more than 11% and U.S. crude also sliding as the market priced in lower disruption risk across the Gulf. Broader crypto joined the bounce, with Ethereum (ETH), XRP, Solana (SOL), and Dogecoin (DOGE) all trading higher as risk appetite improved.

Bitcoin leads the rebound as tensions ease

The latest leg higher for Bitcoin followed a volatile week driven by every twist in the Middle East. As President Donald Trump said the Strait of Hormuz would stay open to commercial shipping during the ceasefire even as the U.S. blockade on Iran itself remained, it was enough to flip sentiment fast across macro markets, sending oil lower, lifting equities, and helping Bitcoin extend its rebound from the weekend pullback.

On April 17, Bitcoin was trading around the mid-$75,000 range as optimism over a possible Iran deal and easing regional tensions supported crypto. At the time of writing, its price stands at $77,193.23, up 4.7% in the last 24 hours, gaining 6.8% over the week, and advancing 6.6% across the month.

The same move helped major altcoins outperform on the day, with XRP, Solana, and Dogecoin all posting stronger percentage gains than Bitcoin, even as BTC remained the market’s main signal asset. 

The setup fits what traders have been watching all week: crypto acting more like a risk asset when geopolitical pressure comes off and oil stops screaming higher.

Strategy buys more BTC as altcoins chase the move

The Bitcoin rally also landed in a week packed with crypto-specific catalysts. Strategy disclosed another 13,927 BTC purchase for about $1 billion, lifting its holdings to 780,897 BTC, which kept the corporate accumulation story alive just as the market regained momentum. 

That kind of headline support matters when macro conditions turn friendlier, because it gives traders another reason to lean into Bitcoin strength rather than treat every bounce as purely relief-driven.

Outside Bitcoin, the tone turned broadly positive as Ethereum also climbed and several larger-cap alts moved higher with the market. Ethereum, XRP, Solana, and Dogecoin all caught bids as the macro backdrop improved, even if smaller speculative names still stole some of the attention. 

The bigger read for now is that Bitcoin is back near the top of its recent range, and as long as the Hormuz reopening holds and oil stays off the boil, traders have a clearer path to keep testing higher resistance levels.