Bitcoin Trades Higher Amid Mixed Signals

Bitcoin (BTC) traded higher on Thursday, mirroring the broader cryptocurrency market's modest gains. The world's largest cryptocurrency rose by about 0.22% over the past 24 hours to reach near $64,684.

The move came as the S&P 500 remained steady after recent record highs, with markets also tracking developments surrounding a potential agreement to reopen the Strait of Hormuz.

However, Bitcoin's longer-term performance has trailed US equities. According to Thahbis Rahman, Research Analyst at Block Scholes, 'Bitcoin has not enjoyed the same bullish record headlines being stuck at around $63,500... it remains well below its own all-time highs and the gap with equities has become more stark.'

Derivatives data showed improving sentiment beneath the surface. The long-short taker volume ratio turned bullish for the first time in at least a week, with long positions accounting for nearly 61% of market orders.