During mid-morning U.S. trading hours on Tuesday, Bitcoin (BTC) soared to $75,900, achieving its highest level since before the February 5 crash that saw prices drop to $60,000.
Positive sentiment following developments in the Iran conflict has fueled gains across risk assets and led to a decline in oil prices. The Nasdaq rose by 1.2%, while WTI crude fell 6% to $93 per barrel.
Crypto stocks broadly benefited from this trend, with Strategy (MSTR) climbing 7.6%, Coinbase (COIN) increasing by 6.2%, Circle (CRCL) up 11%, and Galaxy Digital (GLXY) rising 8.3%.
Bitcoin mining firms, many of which have shifted focus to AI-related data center expansions, also saw significant gains. Keel Infrastructure (KEEL), formerly known as Bitfarms, rose by 20.5%. MARA Holdings (MARA) increased 5.8%, and Hut 8 (HUT) went up 4.8%.
The broader market environment has grown more favorable, with the Nasdaq reaching its highest point since early February. Ether (ETH) outperformed Bitcoin in this context, highlighting a risk-on sentiment across markets, according to Joel Kruger, a strategist at LMAX Group.
“In the last 24 hours, there are indications of market re-engagement,” noted Kruger, emphasizing improved technicals and wider participation.
Bitcoin’s next significant hurdle is its current level. Kruger pointed out that $76,000, where the mid-March rebound faltered, represents a crucial resistance point. A decisive break above this threshold, coupled with sustained strength in Ether (ETH), would be vital to ascertain whether this recovery can transform into a robust bullish trend.