What happened: Bitcoin (BTC-USD) gained more than 2% on Wednesday to top $78,000 per token, its highest level in more than 10 weeks.

Why the token is moving: The push higher came after President Trump extended a ceasefire with Iran and gave no new deadline. Investors interpreted the extension as a near-term deescalation in the Middle East conflict.

Read more: Is bitcoin’s price volatility an investing opportunity?

What else you need to know: Bitcoin has outperformed other assets, including gold (GC=F), since the outbreak of the Iran war on Feb. 28. The token has gained more than 18% during the conflict, while gold has declined roughly 8%.

“Bitcoin is increasingly behaving as a hybrid asset, drawing inflows during periods of easing tensions and as a hedge during geopolitical uncertainty,” said David Morrison, a senior market analyst at Trade Nation.

Traders are watching $80,000 as the next significant technical resistance level.

Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on X at @ines_ferre.

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