Bitcoin (BTC) rose above $73,000 on April 10 as investors continue to move back into risk assets after the U.S. and Iran declared a two-week ceasefire in their hostilities.
Claim 30% Off TipRanks
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks
Cryptocurrencies continue to vault higher alongside stocks as investors cheer the Middle East ceasefire and crude oil prices slide lower. Oil prices are below $100 a barrel to end the trading week, which appears to be a psychological level for the market.
At the same time, U.S. equities are poised for their first up week in more than a month after a big midweek rally when the ceasefire in the Iran war was first announced. Stock markets around the world rebounded strongly, with the benchmark S&P 500 index in the U.S. now largely flat on the year.
Catalysts for Bitcoin?
BTC is set to end the week up 10%, rising from a low of $66,000 at the start of April. While the current rally is welcomed by crypto bulls, analysts are warning investors not to get complacent as there are few near-term catalysts for Bitcoin and other cryptocurrencies.
Still, some prominent crypto investors such as Michael Saylor and Tom Lee have called a bottom in cryptocurrencies in recent days. Saylor, the executive chairman of Strategy (MSTR), said that Bitcoin likely bottomed at $60,000 and is now poised for an extended rally.
BTC’s Three-Month Performance
The chart below shows that Bitcoin has struggled in recent months and declined 22% in the last 12 weeks as the selloff in cryptocurrencies that began last October has continued.
