5 min readBitcoin is rising alongside broader risk assets on Wednesday as investors look ahead to President Trump’s speech later today and await further confirmation that tensions in the Middle East are de-escalating.
The largest cryptocurrency is up around 3% over the past 24 hours, heading towards the $69,000 level, while Ether is up 5%, pushing above $2,100.
Bitcoin is extending modest gains after snapping a five-month losing streak in March, helped by growing optimism that the conflict with Iran could end within weeks.
President Trump said late on Tuesday that he expects the US to exit the conflict within the next two to three weeks, even if the Strait of Hormuz remains closed. His comments helped fuel a broader rebound in risk assets, while oil prices and Treasury yields moved lower. Iran also said that it was prepared to end the war if the conditions were right.
The rebound in crypto comes alongside a rise in equities — particularly in the tech sector. The Nasdaq jumped 3.8% yesterday, its biggest daily gain in almost a year, after Trump’s comments raised hopes that the conflict may not escalate further. Nasdaq futures are up a further 1% on Wednesday.
Ongoing closure of the Strait of Hormuz could limit gains
However, the upside in risk assets may be limited as investors look for more concrete signs of de-escalation. The fact that there is no answer to reopening the Strait of Hormuz means that energy supply disruptions could remain in play, which could keep oil prices elevated, inflationary pressures high and monetary policy restrictive, which bodes poorly for Bitcoin and other risk assets.
BTC & ETH institutional demand rises
BTC ETFs recorded a second straight day of net inflows on Tuesday, totaling $117.6 million, after net outflows of $296.1 million last week.
Spot ETH ETFs are also experiencing a second day of net inflows of $31.1 million, after 8 days of net outflows.
Ethereum technical analysis
Ethereum remains in a longer-term downtrend, trading below its descending trendline resistance dating back to October and still below the 200-day SMA. However, this could change is the recent recovery gathers momentum.
After finding support around $1,740, the price has recovered within a rising channel. ETH recently rebounded from the $1,935 low, pushed above the 50-day SMA, and is now testing resistance around $2,175 — the midpoint of the channel.
Buyers, supported by the RSI above 50, will be looking for a move above this level to open the door towards $2,390 — the March high — and the confluence of the upper boundary of the rising channel and the longer-term descending trendline.
A break above that area would bring $2,780 into focus, ahead of the key $3,000 psychological level.
On the downside, sellers would need to break below $1,970 — last week’s low — to expose the lower end of the range and bring $1,740, the 2026 low, back into view.
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