Bitcoin surged past $73,000 on Thursday, reaching its highest level in a month after gaining more than $10,000 since its sharp decline following US-Iran military strikes over the weekend.
The rally came despite heightened geopolitical tensions in the Middle East, where military operations involving the United States, Israel and Iran initially triggered a market sell-off that pushed Bitcoin down to around $63,000.
Bitcoin rebounded rapidly after the weekend drop and climbed above $73,000 within the past 12 hours, as analysts pointed to renewed buying pressure from large investors.
“Shows strong buying,”
Said market analyst CW, referring to Bitcoin’s cumulative volume delta indicator which suggests whales rather than retail traders are driving the latest surge.
CW also noted that Thursday marked the first trading day after an extended Chinese holiday period, with major exchanges Binance and OKX reportedly showing significant net buying activity for Bitcoin.
The cryptocurrency had initially recovered to around $68,000 by the end of Saturday before pulling back to near $66,000 earlier this week prior to its latest breakout rally.
Market commentator Daan Crypto Trades described the move as a “solid breakout so far” while warning that a fall below $71,500 could signal weakening bullish momentum.
At the time of reporting, Bitcoin price was $73,384.65.