Bitcoin has moved back above the $63,000 mark, gaining around 2% over the past 24 hours as improving conditions in traditional markets helped lift demand for risk assets.
The recovery comes after oil prices pulled back from recent highs and U.S. Treasury yields moved lower. Easing concerns over geopolitical tensions involving Iran also helped improve overall market sentiment, allowing cryptocurrencies and other risk-sensitive assets to rebound.
Bitcoin was trading near $63,250 on Thursday, extending a gradual recovery that has been building over the past week. Other major cryptocurrencies also moved higher alongside Bitcoin.
Despite the price increase, investor confidence remains weak. The Crypto Fear & Greed Index remains in the “Extreme Fear” zone with a reading of 22. While this is slightly better than last week’s reading of 19, it shows that many traders are still cautious about the market’s direction.
From a technical perspective, Bitcoin is showing signs of improving momentum.
The cryptocurrency has moved back above an important Fibonacci retracement level near $62,077 and is now testing resistance around $63,235. Bitcoin is also trading above a rising trendline that has been forming since its rebound earlier this month.
Several momentum indicators have turned more positive. The Relative Strength Index (RSI) has climbed above the neutral 50 level, reaching around 55, while the MACD indicator is showing signs of strengthening bullish momentum.
These signals suggest buying pressure is increasing, although traders are still looking for confirmation that a stronger breakout is underway.
If Bitcoin successfully breaks above its current resistance area, the next major target could be near $64,700. On the downside, the area around $62,100 remains an important support level if momentum begins to weaken.
The broader crypto market also posted gains.
Ethereum rose about 1.1% and traded just below $2,000, while Solana gained roughly 1.5% to around $78. XRP also remained above the $1 level as major cryptocurrencies followed Bitcoin’s upward move.
The recent improvement in crypto prices has closely matched developments in traditional financial markets. Lower oil prices have helped ease inflation concerns, while declining Treasury yields have reduced the appeal of fixed-income investments. When these conditions occur, investors often become more willing to put money into higher-risk assets such as cryptocurrencies.
Bitcoin has now gained roughly 2.4% over the past week, suggesting the current move is part of a broader recovery rather than a short-term spike.
However, the continued presence of Extreme Fear in market sentiment indicators shows that many investors are still waiting for stronger signs of stability before becoming fully optimistic about the market’s outlook.
Meanwhile, institutional interest in the crypto sector continues to grow. Digital asset custodian BitGo recently introduced a new toolkit focused on long-term crypto infrastructure, highlighting ongoing investment in blockchain services even as short-term market sentiment remains cautious.
