Bitcoin tone Things have been more positive recently, but the rebound from the February lows has been quite modest and any attempt to get back to $80,000 will be quickly frustrated.
However, in the face of the Iran war, the US stock market continued to perform well, with the Nasdaq rising 1.6% for the 11th consecutive trading day and closing at a new record high above 24,000 points. The S&P 500 rose 0.8%, also hitting a new record above 7,000 points.
Bitcoin once again topped $75,000 on Wednesday, but the move once again stalled at a threshold that has repeatedly limited gains in recent months.
Bitcoin was most recently trading at around $75,134, up 1.45% in the past 24 hours, according to CoinDesk.
Cryptocurrency-related stocks moved higher amid the broader risk tone. Coinbase (COIN) is up 6.2%, Robinhood (HOOD) is up more than 10%, and Bitcoin funding company Strategy (MSTR) is up 4.4%.
While the stock market has fully recovered and reached new highs, Bitcoin is still playing catch-up after its sharp fall to $60,000 in February.
“As of yesterday we were rejecting the upper end of the two-month range,” said Jasper de Maere, a trader at Wintermute. “It feels like the flow chart that looked encouraging yesterday has been called into question.”
Currently, he points to $72,000 as a key level to watch. Holding above this level will keep the breakout narrative intact, allowing for further attempts at the range highs.
However, he added that as volatility compresses, Bitcoin could re-enter consolidation if it breaks below.