bitcoin It touched $75,900 in mid-morning US trading hours on Tuesday, marking its highest level since before February 5, when the price plummeted to $60,000.
Optimism over developments in the Iran war is driving solid gains in risk assets and continued declines in oil prices. The Nasdaq gained 1.2% and WTI crude oil fell 6%, to $93 per barrel.
Cryptocurrency-related stocks also rose across the board. Strategy (MSTR) rose 7.6%, Coinbase (COIN) 6.2%, Circle (CRCL) 11%, and Galaxy Digital (GLXY) 8.3%.
Bitcoin miners, most of whom have modified their business plans to focus on building AI-related data centers, were also making big bullish moves, led by the former Bitfarms, now Keel Infrastructure (KEEL), which rose 20.5%. MARA Holdings (MARA) was ahead by 5.8% and Hut 8 (HUT) by 4.8%.
The broader macroeconomic context has also become more favorable. With the Nasdaq hitting its highest level since early February, ether (ETH) also outperformed bitcoin, underscoring the risk-on tone across markets, said Joel Kruger, market strategist at LMAX Group.
“Overall, the last 24 hours reflect a market that is starting to show signs of revival,” Kruger said, pointing to improving technicals and broader participation.
The next test for the cryptocurrency rally comes at current levels. Kruger said the $76,000 level for bitcoin, where the mid-March bounce occurred, is key resistance.
A decisive move up, coupled with sustained strength in ether (ETH), the second-largest cryptocurrency, would be key to determining whether the bounce can evolve into a longer-lasting uptrend, he said.
