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Bitcoin breaks out of range as market watches oil and rate variables

Bitcoin moved above $78,000, breaking out of a range that persisted through March and early April. The move followed a lift in risk appetite after U.S. President Donald Trump said he would extend a ceasefire with Iran, sending stock index futures higher. On-chain data showed exchange-linked bitcoin holdings falling to 2.67 million BTC, a multi-year low. Analysts also pointed to elevated put option pricing and sensitivity to oil and interest-rate expectations.