Bitcoin touched $75,900 in mid-morning U.S. trading on Tuesday, its highest level since before Feb. 5, when the price crashed to $60,000.
Optimism about developments in the Iran war sparks solid gains across risk assets and continued declines in oil prices. The Nasdaq was ahead 1.2% and WTI crude was lower 6% at $93 a barrel. barrel.
Crypto-related stocks were also higher 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 changed their business plans to focus on AI-related data center expansions — also made big upside moves, led by the former Bitfarms, now Keel Infrastructure ( KEEL ), which surged 20.5%. MARA Holdings (MARA) was ahead 5.8% and Hut 8 (HUT) 4.8%.
The broader macro background has also become more supportive. As the Nasdaq hit its highest level since early February, ether (ETH) also outperformed bitcoin, underscoring the risk tone across markets, said Joel Kruger, market strategist at LMAX Group.
“Overall, the past 24 hours reflect a market that is starting to show signs of renewed engagement,” Kruger said, pointing to improving technicals and broader participation.
The next test for the crypto rally comes at current levels. Kruger said the $76,000 level for bitcoin, where the mid-March pullback rolled over, is key resistance.
A decisive move above — along with sustained strength in ether (ETH), the second-largest cryptocurrency — would be key to determining whether the recovery can develop into a more durable bullish trend, he said.
