Bitcoin climbed above $80,000 late Sunday, leading a broad crypto market rally as investors weighed the latest U.S.-Iran developments and steady institutional demand.
The world’s largest cryptocurrency jumped 2.6% over 24 hours to $80,150 as of 11:40 p.m. ET Sunday.
Technical breakout confirmed
Analysts pointed to a technical short squeeze as the catalyst behind the move.
Nick Ruck, director of LVRG Research, said:
“Bitcoin’s surge past $80,000 breaks through a resistance zone that limited price action over the weekend. The quick shift places near-term momentum firmly as bullish and confirms buyer strength after the earlier pullback.”
Dominick John of Zeus Research described the $80,000 level as a “major” psychological resistance zone, with the break triggering forced short covering.
‘Project Freedom’ stirs geopolitical risk
The rally unfolded against a backdrop of renewed U.S.-Iran tension.
On Sunday, President Trump announced “Project Freedom” on Truth Social — an initiative to guide cargo ships stranded by the closure of the Strait of Hormuz, with operations set to begin Monday morning.
However, senior Iranian official Ebrahim Azizi warned that any U.S. interference in the strait would be considered a ceasefire violation.
Trump also said his representatives were having “very positive discussions” with Iran that could:
“Lead to something very positive for all.”
Brent crude futures climbed 0.26% to $108.49 per barrel amid the uncertainty.
Sustained ETF inflows
Adding to the bullish backdrop, U.S. spot bitcoin ETFs recorded a fifth straight week of net inflows, totaling $153.87 million last week according to SoSoValue data.
Ruck noted that sustained inflows “highlight growing institutional support and confidence in bitcoin as a strategic asset in portfolios.”
