Bitcoin (CRYPTO: BTC) hit a 12-week high of $79,488 on Monday morning as Iran offered a new proposal to reopen the Strait of Hormuz, extending April’s rally to 16%.
The Iran Deal Catalyst
The rally marked the highest level since January 31 and the first monthly double-digit gain since May 2025.
Axios reported Iran’s proposal to the U.S. to reopen the Strait of Hormuz, sending Asian shares higher and pulling crude oil back from earlier gains.
Bitcoin has meanwhile pulled back below $78,000 as Rachael Lucas, an analyst at BTC Markets, notes that $80,000 is where many recent buyers approach breakeven, typically where selling pressure emerges.
Institutional Demand Returns
Digital asset investment products saw $1.2 billion of inflows last week, the fourth consecutive positive week, according to CoinShares.
Total assets under management rose to $155 billion, the highest level since February 1.
Bitcoin …