Bitcoin Taps 11-Week High Above $79K

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Bitcoin (BTC) climbed to over $79K, reaching its highest level in 11 weeks as easing geopolitical tension in the Middle East triggered a broader market rally. The move follows an extension of the U.S.-Iran ceasefire, which shifted sentiment toward risk assets across global markets. The reaction was immediate, with crypto turning green and liquidations accelerating.

Bitcoin reacts to macro shift

The latest move is another example of Bitcoin trading as a macro-sensitive asset. News that the ceasefire would be extended removed a layer of uncertainty that had been weighing on markets, allowing BTC to climb to over $79,000.

That puts the asset up around 4.5% on the day and about 7% over the past week. Market capitalization has now moved above $1.56 trillion, and dominance remains steady near 58%, suggesting that capital is still flowing into higher-risk segments of the market alongside Bitcoin.

This rally also triggered a wave of liquidations. Around $460 million in positions were wiped out in the past 24 hours, with short traders taking the majority of the hit as the market moved against them.

Altcoins join the rally as risk appetite returns

As Bitcoin set the tone, altcoins added to the rally. Ethereum (ETH) gained 4.2%, Bitcoin Cash (BCH) was up 4.13%, Canton Network (CC) went up by 3.26%, and Solana (SOL) advanced 3.09%. A couple of tokens slipped, but losses were low in comparison to the upside across the board.

The total crypto market cap has now climbed to around $2.73 trillion, reflecting a 3.1% daily increase. The broader picture, however, remains unchanged. Bitcoin is still trading within a wider range, and this move fits the pattern of headline-driven volatility rather than a confirmed breakout.

As long as geopolitical developments continue to shift sentiment, Bitcoin and the wider market are likely to react in the same direction.