Bitcoin Rips Higher as Hormuz Reopening Lifts Sentiment and Keeps Bulls in Control

Bitcoin rallied to fresh local highs amid a breakout above prior resistance, trading near $77.7k on Apr 17 as buyers pushed price toward $78k. The move—supported by rising volume—reflects a continuation of a 4-hour uptrend (higher highs/lows) and bullish technicals (MACD positive, price above key moving averages). Geopolitical headlines around the Strait of Hormuz reopening and a roughly 10% drop in oil prices lifted risk appetite, helping fuel the rally. However, RSI at ~73.7 and price trading beyond the upper Bollinger Band signal overbought conditions and increase near-term pullback or consolidation risk despite the prevailing bullish bias.