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Bitcoin rose nearly 3% to $78,700 on May 1 after Iran submitted a new peace proposal through Pakistani mediators to the United States, easing oil pressure and improving risk sentiment across global markets for the second time in a week.
Bitcoin climbed to $78,700 on May 1, recovering from a multi-week low near $74,900 posted just two days earlier. The earlier drop followed a period of heightened risk after Trump received a military briefing on new Iran strike options.
On May 1, Bitcoin was trading at $78,722 as US markets opened, extending gains.
CNBC reported that Iran sent an updated peace proposal to mediators in Pakistan. The proposal is part of a weeks-long negotiation covering ceasefire terms, sanctions relief, and control of the Strait of Hormuz.
Oil prices edged lower on the development, partially easing Strait of Hormuz supply concerns. The shift reduced one of the primary macro headwinds weighing on crypto and equities during the week.
21Shares chief market strategist Adrian Fritz said $80,000 is “quite a resistance” and that a confident break above it “could spark some momentum” as recent buyers return to profit.
Fritz added that a move above $85,000 could indicate early signs of a broader reversal.
Bitcoin’s move from $74,900 on April 29 to $78,700 on May 1 retraced nearly the entire post-FOMC selloff, reflecting the same diplomatic-signal dynamic that has driven prior recoveries during the conflict.
As reported, Bitcoin had reached $78,400 during the prior week before being rejected sharply when hostilities resumed, reinforcing a pattern in which credible diplomatic signals trigger fast repricing and subsequent breakdowns reverse the move within hours.
Hopes of a broader US-Iran deal have supported expectations for a retest of $80,000 if ETF inflows resume and oil moves back toward pre-war levels. The $80,000 area has been tested and rejected twice in 2026, and the article cited a decisive break above it—along with sustained ETF inflows and stable oil—as the clearest sign that the Iran-driven macro overhang on Bitcoin has meaningfully lifted.
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