Bitcoin Tops $78,000 After Trump’s Ceasefire Extension – Analyst Sees ‘Heavier’ Breakouts For Altcoins

• Bitcoin’s price crossed $78,000 on Wednesday after President Trump announced the previous night an extension of the ceasefire between the U.S. and Iran due to Tehran’s “seriously fractured” government.
• According to MN Fund founder Michael van de Poppe, Bitcoin’s price is likely to face resistance at $79,000 before moving as high as $86,000.
• He added that the momentum behind Bitcoin could lead to “heavier” breakouts for altcoins.

Ethereum (ETH) and Solana (SOL) led gains among crypto majors on Wednesday morning, after Bitcoin (BTC) crossed $78,000 following President Donald Trump's extension of the U.S.-Iran ceasefire the previous night.

The President told reporters that he extended the ceasefire with Iran because the Tehran government is “seriously fractured.” Trump said he plans to keep the ceasefire in place until Iran comes to the table with a “unified proposal” to end the war. 

Bitcoin's price rallied more than 2% to around $78,000 in early morning trade, paring gains after hitting an intra-day high of over $78,400, according to Coinbase data. This is the second time in seven days that BTC has tried to climb above its 11-week high.

According to MN Fund founder and chief investment officer Michael van de Poppe, the momentum behind Bitcoin could lead to “heavier” breakouts for altcoins. In a post on X, he said that Bitcoin is likely to stall momentarily before moving higher due to resistance at the $79,000 level. “Likely we’ll test it first, come back down for a little, find extra stamina, and then we’ll push through to $86,000,” he wrote.

Altcoins Track Bitcoin’s Rally

Ethereum and Solana led gains among the top 10 cryptocurrencies by market capitalization on Wednesday morning. Ethereum’s price rose 2.7% in the last 24 hours to around $2,400. Retail sentiment around the leading altcoin on Stocktwits trended in ‘neutral’ territory over the past day, amid ‘normal’ levels of chatter.

Meanwhile, Solana’s price rose 2.6% over the last 24 hours, crossing $88. Retail sentiment around SOL dipped to ‘bearish’ from ‘neutral’ over the past day. Chatter remained at ‘normal’ levels. 

Retail Sentiment Around Bitcoin Remains ‘Bullish’

While the leading altcoins saw retail sentiment mellow, sentiment on Stocktwits around Bitcoin remained in the ‘bullish’ zone, accompanied by ‘normal’ levels of chatter over the past day. 

Many retail traders on the platform were excited about Bitcoin breaking above key resistance levels and the $100,000 psychological barrier getting closer.

Meme token Dogecoin (DOGE) also outperformed Bitcoin, with DOGE’s price rising 2.4% in the last 24 hours, but still trading below $0.10. Retail sentiment around the meme coin also remained in ‘bullish’ territory over the past day, with chatter at ‘high’ levels.

The overall cryptocurrency market rose around 1.3% in the last 24 hours to cross $2.7 trillion. CoinGlass data showed over $400 million in liquidations over the past day, with nearly $290 million in short positions alone. Bets on Bitcoin led the forced unwinds with around $176 million liquidated, followed by $120 million lost on Ethereum.

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