Bears Got Rekt: Bitcoin Rides Diplomatic Vibes to $75K After Weeks of Doom

Bitcoin's price climbed to slightly below $75,000 today, hitting levels we last saw on March 17th. The nearly one-month high comes as Vice President JD Vance teased progress in negotiations between the US, Israel, and Iran, sparking renewed hopes of potential de-escalation. Apparently, nothing gets Bitcoin pumping quite like the possibility that tankers might actually make it through the Persian Gulf without becoming NFTs.

"We made significant progress in talks with Iran. Ball is now in Tehran's court. We expect they will move toward opening the Strait of Hormuz," Vance said.

The news sparked a broader crypto rally, adding around $100 billion to the total market cap. ETH even outperformed BTC—a rare sight worth noting. Ether bulls were practically crying into their keyboards, finally catching a break after what felt like an eternity of watching Bitcoin hog all the gains.

The move also followed a prolonged period of persistent negative sentiment. Such stretches have historically led to sharp price jumps for the primary cryptocurrency, which tends to lead the market in both directions. Because of course Bitcoin does—it's basically the market's mood ring, swinging from despair to euphoria faster than you can say "bull flag."

Real Vision's Jamie Coutts called the period a state of "excessive pessimism," noting that Bitcoin's 7-day moving average funding rate had fallen to the third percentile of all readings since 2020. Both signals suggested a rally was overdue. When funding rates hit third percentile territory, you know the bears have been partying a little too hard on hopium.