Bitcoin Hits $72.5K Amidst Risky Macro Backdrop
Bitcoin pushed to an 11-week high on Thursday, reaching $72,505 on Bitstamp as trading activity strengthened during the early Wall Street session. This move came despite a macro backdrop that turned riskier rather than calmer: US equities opened lower and bond yields rebounded after renewed geopolitical alarm around US-Iran tensions.
The rally in Bitcoin was accompanied by a rise in WTI crude to $87.69 per barrel, reflecting an energy market that continues to price geopolitical risk. However, analysts cautioned that the rally may still be too early to treat as a full 'bear market over' signal, especially given the market's prior sensitivity to liquidity and risk conditions.
Rekt Capital noted that technicals were still pointing to $60,000 as a weakening macro support level, and argued that price needs to hold and extend its strength to invalidate this theme. Meanwhile, CryptoQuant highlighted renewed spot-and-derivatives demand, although the scale was described as 'modest' and will require follow-through.
The report also noted that US-Iran tensions have sparked yield volatility, with Treasuries experiencing increased volatility after the earlier selloff in yields. The US Treasury had announced it would revisit the size of debt buyback operations on November 4, but commentary from The Kobeissi Letter suggested that intervention might not be enough to stabilize markets if pressure continues.