Bitcoin rises above $75K amid easing geopolitical risks

Bitcoin climbed above the $75,000 mark on Thursday, extending its sharp gains from earlier in the week as improving global risk sentiment and hopes for renewed diplomacy between the United States and Iran supported demand for the cryptocurrency.

The world’s largest cryptocurrency was trading 1.4% higher at $75,069.7 as of 05:42 GMT.

Bitcoin earlier hit a four-week high of around $76,000 before pulling back slightly due to profit-taking.

“This pattern — rallies followed by quick pullbacks — has defined recent trading, highlighting a market capable of upward momentum but still struggling to sustain it,” IG analysts said in a recent note.

Bitcoin moves in line with broader risk rally

Bitcoin’s latest gains mirrored a broader rally in global risk assets. Wall Street closed at record highs on Wednesday, with strong corporate earnings and gains in the technology sector boosting sentiment, while Asian stocks extended their rally on Thursday.

Investor risk appetite was supported by growing optimism that the United States and Iran could resume talks to extend a fragile ceasefire, easing concerns about a prolonged conflict.

Reports indicated ongoing diplomatic efforts, even as Washington maintained a naval blockade of Iranian ports and tensions around the Strait of Hormuz persisted.

“Part of the recent strength has been tied to improved macro sentiment and a renewed appetite for risk. Softer economic data and stabilizing volatility conditions, alongside hopes for a longer-term ceasefire agreement between the United States and Iran, have supported demand for risk assets, including cryptocurrencies,” IG analysts wrote.

“A technical breakout above around $76,100 would signal bullish continuation, but failure would keep trading range-bound,” they added.

Media reports also pointed to continued institutional accumulation and strong flows into crypto markets, although gains were capped by intermittent profit-taking near recent highs.

Crypto prices today: altcoins post modest gains

Most altcoins also posted moderate gains on Thursday amid improved risk sentiment.

The second-largest cryptocurrency, Ethereum, rose 1.6% to $2,357.92.

The third-largest cryptocurrency, XRP, gained 3.5% to $1.40.

Solana rose 3%, while Cardano and Polygon each gained 4%.

Among meme tokens, Dogecoin added 3.2%.