Recently, the sentiment surrounding bitcoin has shifted to a more optimistic tone. However, the upward movement from the lows observed in February has been relatively modest, with any attempts to reach $80,000 being swiftly curtailed.
In contrast, U.S. equities continue their impressive trajectory despite ongoing tensions from the Iran conflict. The Nasdaq Composite Index surged by 1.6%, marking its eleventh consecutive day of gains and achieving a new all-time high above 24,000 points. Meanwhile, the S&P 500 index rose by 0.8%, also reaching a fresh record beyond 7,000 points.
On Wednesday, bitcoin made another attempt to surpass $75,000 but once again faced resistance at this critical level that has consistently limited its growth in recent months.
Currently trading around $75,134 according to CoinDesk data, bitcoin saw an increase of 1.45% over the last day.
Stocks related to cryptocurrency also experienced gains alongside an overall positive market sentiment. Coinbase (COIN) climbed by 6.2%, Robinhood (HOOD) surged over 10%, and MicroStrategy (MSTR), known for its bitcoin treasury strategy, rose by 4.4%.
While stock markets have fully rebounded and reached new heights after their previous declines in February when they fell to around $60K for bitcoin; it seems that cryptocurrencies are still lagging behind in this recovery phase.
“Since yesterday we’ve seen rejections from the upper end of this two-month trading range,” commented Jasper de Maere from Wintermute Trading Firm. “The previously encouraging flow dynamics appear to be under scrutiny now.”
For now he identifies $72K as a crucial support level worth monitoring closely; maintaining levels above this would preserve bullish breakout potential and allow further attempts towards testing range highs again.
A drop below could potentially lead bitcoin back into a consolidation phase as volatility decreases further,” he added.