Bitcoin hit $75,900 mid-morning in the United States on Tuesday, marking its highest level since before February 5, when the price collapsed to $60,000.
Optimism about developments in the Iran war is driving strong gains in risk assets and a continued decline in oil prices. The Nasdaq was ahead 1.2% and WTI crude was down 6% at $93 a barrel.
Crypto-related stocks were also higher across the board. Strategy (MSTR) is up 7.6%, Coinbase (COIN) is up 6.2%, Circle (CRCL) is up 11%, and Galaxy Digital (GLXY) is up 8.3%.
Bitcoin miners – most of whom have shifted their business plans to focus on building AI-related data centers – have also made significant advances, led by the former Bitfarms, now Keel Infrastructure (KEEL), which is up 20.5%. MARA Holdings (MARA) was ahead by 5.8% and Hut 8 (HUT) by 4.8%.
The broader macroeconomic context has also become more favorable. As the Nasdaq hit its highest level since early February, ether (ETH) also outperformed bitcoin, highlighting the appetite for risk in the markets, said Joel Kruger, market strategist at LMAX Group.
“Overall, the last 24 hours reflect a market that is starting to show signs of re-engagement,” Kruger said, pointing to improving technicals and broader participation.
The next test for the crypto rally is at current levels. Kruger said the $76,000 level for Bitcoin, where the mid-March rally occurred, is key resistance.
A decisive move above — alongside sustained strength in ether (ETH), the second-largest cryptocurrency — would be key to determining whether the rebound can evolve into a more sustainable uptrend, he said.
