Bitcoin Holds $75,000 Support as Warsh Hearing, US-Iran Ceasefire Expiry Loom

Bitcoin traded above $75,000, extending its upward momentum. Still, volatility could pick up ahead of key events including the expiration of the US-Iran ceasefire and developments tied to the Federal Reserve.

CoinDesk reported on April 21 that Bitcoin was changing hands above $75,000, preserving its near-term advantage. The range is viewed as a key support level that needs to hold for buying interest to remain intact.

Markets are also focused on the ceasefire deadline. The ceasefire between the US and Iran is due to expire on April 23, Washington time, and whether it is extended could influence the broader direction of risk assets.

CoinDesk said an extension could preserve the current easing in tensions. A renewed clash, by contrast, could lift oil prices and increase volatility in global stock markets. Bitcoin remained relatively stable during the previous bout of conflict, though it is uncertain whether that pattern will persist.

Another event in focus is the Senate confirmation hearing for Fed chair nominee Kevin Warsh, scheduled for April 21. Any remarks on the direction of interest-rate policy could sway market expectations.

Altcoins posted more muted gains than Bitcoin. Ether, Solana and XRP rose about 2% over the past 24 hours, while some smaller tokens climbed more than 5%.

Meanwhile, the DeFi index edged higher despite the fallout from the KelpDAO hack. Assets deposited on the Aave platform, however, dropped by about $10 billion after the hack to roughly $16 billion.