Bitcoin Reclaimed $80,000 After Falling Below $78,000. Can It Hold?

Bitcoin clawed back above $80,000 on a wave of forced buybacks and easing Iran tensions, but the same combination lifted the price in late August before it collapsed within three days. One jobs report and a Senate procedural vote now…

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The Bitcoin (CRYPTO: BTC) price climbed 5.5% to $81,491 on Thursday after hostilities between the U.S. and Iran paused. The Bitcoin price had spent the previous two sessions stuck between $77,000 and $78,000, then started climbing around dawn in New York and cleared $81,000 by mid-morning.

That takes Bitcoin back above the $80,000 it lost on August 28, when the August rally ran out of buyers and the price slid back into the high $70,000s. The whole crypto market gained 4.7% on the day to $2.82 trillion, with Ethereum up 5.2% and Solana up 5.9%.

So can the Bitcoin price hold $80,000 this time?

What Pushed Bitcoin Back Above $80,000

The Bitcoin price moved on news from outside crypto. U.S. airstrikes on Iranian targets over the weekend had pushed Brent crude above $96 a barrel and sent equities lower, since fighting near the Strait of Hormuz threatens the shipping lane that carries a fifth of the world’s oil. Higher oil feeds inflation, which keeps the Federal Reserve from cutting rates, and that pulls money away from assets like Bitcoin that pay no yield. When the fighting paused on Thursday, that pressure lifted at once.