Bitcoin price found stability around the $78,000 mark on Thursday, supported by a combination of improving geopolitical conditions, reduced institutional outflows, and strengthening technical markers. The cryptocurrency touched an intraday high of $78,180 before settling near $77,960, according to market data.
Risk appetite received a lift after U.S. President Donald Trump indicated that ongoing discussions with Iran could soon reach a conclusion. This development helped ease concerns about prolonged disruptions in the Strait of Hormuz, which have kept energy markets on edge since March. Crude oil futures, which had surged above $99 per barrel, retreated slightly following the remarks, reflecting reduced fears of a sustained supply shock.
Bitcoin and similar risk assets have remained closely tied to oil price fluctuations in recent months, as higher energy costs could complicate the Federal Reserve’s inflation management and delay potential rate cuts. The easing of Middle East tensions provided a welcome reprieve for traders monitoring these dynamics.
On the institutional front, spot Bitcoin ETF outflows slowed markedly to $70 million on Wednesday, a sharp drop from the $648 million and $331 million seen on Monday and Tuesday, respectively. This deceleration suggests that selling pressure from large investors may be abating, offering additional support to Bitcoin’s price as it attempts to overcome resistance near $78,000.
Adding to positive sentiment, SpaceX revealed in an SEC filing that it holds 18,712 Bitcoin, significantly surpassing earlier estimates of around 8,285 BTC. This disclosure positions the aerospace company’s Bitcoin treasury above that of Tesla, reinforcing the narrative that Elon Musk-associated companies maintain substantial long-term exposure to the digital asset despite recent market turbulence.
From a technical perspective, Bitcoin’s weekly chart displays a double bottom pattern, with the asset defending the $64,000 to $66,000 support zone twice between February and April. The neckline of this formation sits near the psychological $80,000 level, which has acted as a stubborn resistance point over the past several weeks. Double bottom patterns are typically interpreted as bullish reversal signals, as they indicate weakening bearish momentum after repeated failed attempts to break lower.
Momentum indicators are tilting in favor of bulls, with the Aroon Up indicator rising to 85.71% while the Aroon Down indicator fell to 14.29%, highlighting growing upward momentum and fading bearish pressure. Bitcoin continues to trade above its Supertrend support near $75,560, a key floor during May’s consolidation phase, and remains above both the 50-day and 100-day moving averages at $76,226 and $72,455, respectively. However, the 200-day moving average near $80,973 poses a major overhead barrier; a decisive break above this level could pave the way for a broader bullish continuation.
If the double bottom is confirmed, classical breakout projections suggest a potential target between $92,000 and $95,000, based on the distance from the neckline to the bottom formation. Derivatives data from CoinGlass highlights significant liquidity clusters, with short liquidation zones concentrated between $78,000 and $81,000, while a large liquidity pool sits below $76,800. This imbalance could lead to increased volatility as Bitcoin approaches these levels.
Despite the encouraging signs, macro uncertainties persist. Any setback in U.S.-Iran negotiations could reignite fears of supply disruptions in the Middle East, potentially boosting oil prices and reinforcing inflationary pressures. For now, Bitcoin bulls are focusing on reclaiming the $80,000 neckline, which may determine whether the developing pattern leads to a recovery rally toward the mid-$90,000 range or fizzles out.