Bitcoin jumped along with equities on Wednesday, hitting the highest level since January after President Donald Trump said he would extend a ceasefire with Iran, bolstering market confidence.

The original cryptocurrency rose as much as 4.9% to $79,486, its highest price since Jan. 31. Other cryptoassets also advanced, with Ether climbing as much as 4.7%.

“In our view, the $75–86K range is not saturated with strong resistance levels, and in the absence of significant negative factors, we anticipate a positive upward momentum,” said Alex Kuptsikevich, FxPro chief market analyst. “However, at $86K, the leading cryptocurrency will encounter the 200-day moving average, which is also near an important pivot zone.”

Strong corporate earnings helped to push stocks to all-time highs, even as efforts to resolve the conflict showed little progress and there were no signs the key Strait of Hormuz would reopen soon. The S&P 500’s 1% advance extended the gauge’s rally for the month, which is already set to be the best since 2020.

Bitcoin has weathered the war with Iran better than many assets, including the traditional safe haven of gold. Bullion is down roughly 10% since Feb. 27, while Bitcoin is up more than 15% over the same period.

The original cryptocurrency rose as much as 4.9% to $79,486, its highest price since Jan. 31. Other cryptoassets also advanced, with Ether climbing as much as 4.7%.

“In our view, the $75–86K range is not saturated with strong resistance levels, and in the absence of significant negative factors, we anticipate a positive upward momentum,” said Alex Kuptsikevich, FxPro chief market analyst. “However, at $86K, the leading cryptocurrency will encounter the 200-day moving average, which is also near an important pivot zone.”

Strong corporate earnings helped to push stocks to all-time highs, even as efforts to resolve the conflict showed little progress and there were no signs the key Strait of Hormuz would reopen soon. The S&P 500’s 1% advance extended the gauge’s rally for the month, which is already set to be the best since 2020.

Bitcoin has weathered the war with Iran better than many assets, including the traditional safe haven of gold. Bullion is down roughly 10% since Feb. 27, while Bitcoin is up more than 15% over the same period. Yahoo Finance