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Bitcoin rose 2.8% over the past week and held above the key $80,000 level despite renewed geopolitical tensions linked to the US-Iran conflict in the Strait of Hormuz. The rally tracked a broader risk-on move in equities, supported by strong US corporate earnings and easing energy-market fears as negotiations appeared to remain possible.
The main driver behind this week’s Bitcoin advance was a wave of upbeat Q1 earnings reports from US companies. By the end of the reporting period referenced in the article, 443 S&P 500 firms had reported, with 73% beating revenue estimates and 82% topping earnings expectations.
Aggregate revenue growth was reported at 10.43%, while EPS growth stood at 25.28%. Although both metrics were slightly below the prior week’s pace, they still pointed to strong corporate momentum. The S&P 500 and Nasdaq Composite reached fresh all-time highs during the week.
Bitcoin appeared to be moving in step with this equity strength. The article noted that Bitcoin’s persistent 20-day rolling correlation with the S&P 500 remained above 0.81.
Markets also digested mixed US-Iran updates throughout the week, with the overall tone described as cautiously constructive for risk assets. While the ceasefire faced pressure after renewed exchanges of fire, both sides signaled they did not want a wider escalation, helping preserve hopes for a negotiated outcome.
The article said Iran was reviewing a US peace proposal led by envoy Steve Witkoff, even as the two sides remained far apart on key demands. The Strait of Hormuz remained the main stress point, with sporadic security incidents keeping traders on edge, though the ceasefire held well enough to avoid a fresh shock to energy flows.
As of Sunday, Brent crude was down roughly 15% from last week’s panic highs. The article framed this as evidence that oil was no longer pricing an immediate worst-case supply shock, while still carrying a geopolitical premium as long as Hormuz disruptions remain unresolved.
The article highlighted that Friday’s stronger-than-expected US jobs report reinforced the view that the macro backdrop remains supportive for Bitcoin, even if the signal is arriving through equities first. It cited the following figures for April: the US economy added 115,000 jobs versus expectations of 65,000; the unemployment rate was 4.3%, matching expectations; and the US economy has added 300,000 jobs over the past two months.
It also pointed to an outlook where the AI-led growth story continues to support the broader economy, alongside expectations for fading Fed rate-cut timing and the influence of higher oil prices.
Next week’s focus, according to the article, shifts to US CPI and PPI on Tuesday and Wednesday, Trump’s planned meeting with Xi Jinping on Thursday and Friday, and any fresh Middle East headlines related to US-Iran peace talks.
On the technical side, the article said Bitcoin may consolidate inside a rising wedge, with room for a final push toward the wedge apex around $84,000. It noted that rising wedges typically resolve to the downside, especially after extended recoveries.
If BTC loses wedge support, the article identified $70,000–$71,500 as the next major downside zone. It also said the $84,000 area aligns with the 200-period exponential moving average (200-period EMA) on the three-day chart, creating a “double-edged” resistance level. A break above that level could, under supportive macro and geopolitical conditions, open the door to a move toward $90,000.
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