Bitcoin (CRYPTO: BTC) hit a 12-week high of $79,488 on Monday morning as Iran offered a new proposal to reopen the Strait of Hormuz, extending April’s rally to 16%.

The Iran Deal Catalyst

The rally marked the highest level since January 31 and the first monthly double-digit gain since May 2025.

Axios reported Iran’s proposal to the U.S. to reopen the Strait of Hormuz, sending Asian shares higher and pulling crude oil back from earlier gains.

Bitcoin has meanwhile pulled back below $78,000 as Rachael Lucas, an analyst at BTC Markets, notes that $80,000 is where many recent buyers approach breakeven, typically where selling pressure emerges.

Institutional Demand Returns

Digital asset…

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