Bitcoin crossed $82,000 on Wednesday as markets rallied on hopes the US and Iran are nearing a framework agreement that could de-escalate conflict and ease pressure on global energy markets.
The move extends Bitcoin's recovery from its early-February low near $60,000, putting the asset up more than 36%. The breakout above a major downtrend line that had capped price action since the October all-time high at $126,199 has been confirmed, with Bitcoin climbing roughly 10% over the past seven days.
The catalyst came from a report saying the White House believes it is close to a one-page memorandum of understanding with Iran. The draft includes 14 points and would declare an end to the regional war, starting a 30-day negotiation window on a broader agreement covering the Strait of Hormuz, Iran's nuclear program, and US sanctions.
Secretary of State Marco Rubio described the process as incomplete but potentially actionable. “We don’t have to have the actual agreement written in one day. This is highly complex and technical.”
Crude oil fell sharply on the news, with WTI dropping to $94.32 and Brent falling 6.7% to $102.56. US stock index futures also strengthened, with Nasdaq 100 futures up 1.26% and S&P 500 up 0.81%.
At press time, BTC traded at $82,149.