The tone of bitcoin has been more bullish of late, but the rally from February’s lows has been rather tame, with any attempt to return to $80,000 quickly shot down.
However, U.S. stocks continue their remarkable run in light of the Iran war, with the Nasdaq gaining 1.6% for its 11th straight daily advance to close at a new record high 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 again stalled at a threshold that has repeatedly capped gains in recent months.
Recently trading around $75,134, bitcoin was up 1.45% over the past 24 hours, according to CoinDesk data.
Crypto-linked stocks rose in line with the broader risk-on tone. Coinbase ( COIN ) rose 6.2%, Robinhood ( HOOD ) rose more than 10%, and bitcoin tax firm Strategy ( MSTR ) rose 4.4%.
While stocks have fully recovered and pushed to new highs, bitcoin is still recovering from its sharp fall in February to $60,000.
“Since yesterday, we have declined from the upper end of this two-month range,” said Jasper de Maere, trader at Wintermute. “It feels like the flow picture that looked encouraging yesterday is already being called into question.”
For now, he pointed to $72,000 as the most important level to watch. Holding above it would keep the breakout narrative intact, allowing for further attempts at the range.
However, a break lower could see bitcoin slide back into consolidation as volatility compresses, he added.
