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Bitcoin rose to a 10-week high above $78,000 on Wednesday as geopolitical tensions eased. Crypto.news data showed the price climbed 4.4% on April 22 to $78,251, before stabilizing around $78,000 at the time of writing.
At its current level, Bitcoin is 19% higher than its lowest point last month and 24% above its year-to-date low.
Bitcoin’s move followed President Donald Trump’s announcement that the ongoing ceasefire with Iran would be extended. Markets are now looking for more substantive talks aimed at ending the eight-week war that began on Feb. 24.
Trump said the U.S. blockade on the Strait of Hormuz and Iranian ports would remain in place until Iran submits a proposal for talks to resolve the conflict permanently.
With Bitcoin trading near a two-month high, Grayscale Research’s head of research, Zach Pandl, described a constructive outlook. In a note published in The Stack, Pandl pointed to on-chain indicators suggesting recent buyers are nearing breakeven after Bitcoin rebounded more than 20% from February lows near $63,000.
Pandl said the realized price for coins moved within the past one to three months is around $74,000. He noted this shift implies short-term holders have largely exited loss-making territory, which could reduce selling pressure and support a change in sentiment.
He identified the $65,000 to $70,000 range as a “firm base.” Pandl also said that if Bitcoin rises further in the coming days, more recent buyers could move into positive profit and loss, which he described as an indicator of the first phase of a bull market.
CoinGlass data from the Bitcoin derivatives market suggested investors have started repositioning for additional upside. Over the past 24 hours, total Bitcoin futures open interest increased by 5.6% to $60 billion.
The long/short ratio stood at 1.02, indicating a slight tilt toward long exposure.
On the daily chart, Bitcoin has formed an ascending parallel channel pattern, characterized by higher highs and higher lows. The article said that as long as Bitcoin trades within the channel boundaries, the uptrend could continue, with a potential move toward $80,000 before testing prior record highs.
It also reported that the 20-day EMA has formed a bullish crossover with the 50-day EMA, signaling short-term momentum remains in favor of buyers. The daily RSI was described as still having room for further gains before the market becomes overbought, leaving room for additional upside before a significant pullback.
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