Bitcoin climbed above $78,000 on Saturday as news broke that Iran had submitted a new peace proposal to U.S. mediators through Pakistan.
The move came after U.S. President Donald Trump rejected an earlier Iranian offer to reopen the Strait of Hormuz in exchange for lifting the U.S. blockade at the oil chokepoint. Trump told reporters that Iran “wants to reach a deal badly.”
BREAKING: President Trump says he is “not satisfied” with the latest peace proposal from Iran which was sent to Pakistani mediators this morning.
US oil prices are erasing losses on the news.
— The Kobeissi Letter (@KobeissiLetter) May 1, 2026
According to Axios, Iran sent its response to the latest U.S. amendments to a draft agreement. White House envoy Steve Witkoff communicated a list of conditions to Iran, focused on putting the nuclear issue back into the agreement’s text.
BTC was trading at around $78,800 at the time of reporting, up over 3% from an intraday low near $76,000, according to TradingView data.
Oil prices also fell on the news. Brent crude futures dropped to around $106, down over 4% on the day, as traders priced in the possibility of easing tensions.
The broader crypto market also moved higher. $2.1 billion in Bitcoin and Ethereum options expired on the same day, adding to market volatility.
The price move came on the back of a strong month for Bitcoin ETFs. U.S. spot Bitcoin ETFs recorded $1.97 billion in April inflows, above March’s $1.37 billion and the highest monthly figure of 2026, according to SoSoValue data.
BlackRock’s iShares Bitcoin Trust (IBIT) led the pack with around $2 billion in net inflows. Grayscale’s GBTC saw the largest outflows at roughly $280 million.
The Morgan Stanley Bitcoin Trust ETF (MSBT), which launched April 8, brought in $194 million with no outflow days during the month.
Cumulative net inflows across all Bitcoin ETFs since launch have now passed $58 billion. Year-to-date, Bitcoin ETFs are sitting at around $1.47 billion in net inflows after outflows in January and February.
Crypto analyst Ali Charts pointed to Bitcoin’s MVRV Pricing Bands as a key tool for identifying cycle bottoms. According to Ali Charts, Bitcoin has historically found its floor between the 1.0 and 0.8 MVRV bands — the zone where the market trades at or below its aggregate cost basis.
MVRV Pricing Bands remain one of the most reliable tools for identifying cycle extremes. Historically, Bitcoin $BTC has found its definitive bottom between the 1.0 and 0.8 pricing bands—the zones where the market is trading at or below its aggregate cost basis.
Since 2010, every… https://t.co/arxxFtxliV pic.twitter.com/SzAoZwQnUJ
— Ali Charts (@alicharts) May 1, 2026
As of late April 2026, those bands sit at $54,145 for the 1.0 level and $43,316 for the 0.8 level. Ali Charts noted that Bitcoin has not yet tested these zones in the current cycle.
Bitcoin posted a 12% gain in April, its strongest monthly performance since April 2025, when it rose over 14%.
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