Bitcoin is currently testing the $78,000 resistance level, with $180 million in short liquidations poised above this point. If Bitcoin breaks through, it could propel the cryptocurrency towards $80,000. The market has reacted positively to U.S. President Donald Trump's extension of the Iran ceasefire, which has improved broader risk sentiment and lifted equities. As a result, altcoins and memecoins have surged, with notable gains in the CoinDesk MemeCoin Index, which rose by 3.4%. Popular memecoins such as TRUMP and DOGE have also posted gains of 6% and 3.8%, respectively. Furthermore, the overall crypto futures open interest has increased by over 4%, reflecting renewed capital inflows and a bullish bias among traders. The CoinDesk overnight rate for USDC has reached its highest level since 2024 at 15%, driven by heightened demand for lending on the Aave platform following a recent exploit. Overall, the crypto market is showing signs of potential further gains as traders position themselves for a bullish trend.