The world’s largest cryptocurrency last traded 1.8% higher at $77,143
Bitcoin rebounded on Thursday, jumped back above the $77,000 mark after recent declines, as improving global risk appetite lifted demand for cryptocurrencies alongside equities.
The world’s largest cryptocurrency last traded 1.8% higher at $77,143 by 06:27 GMT, after retreating earlier this week to lows near $75,000 levels.
Bitcoin climbed 12% in April amid optimism from a temporary Iran-U.S. ceasefire and record highs on U.S. stock market.
Earlier in April, Bitcoin had rallied above the $79,000 level amid optimism over potential de-escalation in the Middle East and strong institutional inflows.
A key near-term hurdle for Bitcoin remains the $80,000 resistance level, which has repeatedly capped rallies over the past month.
Investor sentiment has been supported by resilient equity markets, where the S&P 500 and Nasdaq have repeatedly hit all-time highs in recent sessions, boosting appetite for higher-risk assets, including cryptocurrencies.
Investor sentiment was further supported by upbeat results from U.S. technology company Apple, reinforcing confidence in the technology sector. Strong iPhone demand and record services revenue were key drivers.
Analysts say Bitcoin has increasingly traded in line with macro risk trends, behaving similarly to equities during periods of heightened liquidity and optimism.
However, gains in Bitcoin remained capped as geopolitical risks persisted.
Reports on Thursday indicated that the U.S. president was set to receive a briefing on potential options against Iran, stoking fears of further escalation.
Iran has threatened U.S. that any new attack would trigger “long and painful strikes” on American positions.
The Strait of Hormuz remained effectively shut. Brent crude had surged to more than $126 per barrel earlier on Thursday before dropping later in the day.
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