The tone in bitcoin It has been more positive lately, but the rally from the February lows has been quite weak, and any attempts to get back to $80,000 have been quickly shot down.
US stocks, however, continue their remarkable run in the face of the Iran war, with the Nasdaq gaining 1.6% for the 11th consecutive daily gain and closing at a new record above 24,000. The S&P 500 added 0.8% and also hit a new record above 7,000.
Bitcoin made another push to break above $75,000 on Wednesday, but the move stalled once again at a threshold that has repeatedly capped gains in recent months.
Recently trading around $75,134, bitcoin is up 1.45% in the last 24 hours, according to data from CoinDesk.
Cryptocurrency-linked stocks rose along with the broader risk tone. Coinbase (COIN) rose 6.2%, Robinhood (HOOD) jumped more than 10%, and bitcoin treasury Strategy (MSTR) gained 4.4%.
While stocks have fully recovered and hit new highs, bitcoin is still playing catch-up after its sharp drop in February to $60,000.
“Since yesterday we have rejected stocks at the upper end of this two-month range,” said Wintermute trader Jasper de Maere. “It seems that the flow outlook, which seemed encouraging yesterday, is already being questioned.”
For now, he pointed to $72,000 as the key level to watch. Holding above would keep the breakout narrative intact, allowing for fresh attempts at the range highs.
However, a break lower could see Bitcoin consolidate again as volatility compresses, he added.
