Bitcoin capped at $75,000 as Nasdaq and S&P 500 fly to new record highs

The tone in bitcoin has been more positive of late, but the rally from the February lows has been rather meek, with any attempts to return to $80,000 quickly getting shot down.

U.S. stocks, though, continue their remarkable run in the face of the Iran war, with the Nasdaq gaining 1.6% for its 11th consecutive daily advance and closing at a new record high above 24,000. The S&P 500 added 0.8% and also touched a new record above 7,000.

Bitcoin made another push to break above $75,000 on Wednesday, but the move stalled once again at a threshold that has repeatedly capped gains in recent months.

Trading recently around $75,134, bitcoin was higher by 1.45% over the past 24 hours, according to CoinDesk data.

Crypto-linked stocks moved higher alongside the broader risk-on tone. Coinbase (COIN) rose 6.2%, Robinhood (HOOD) jumped more than 10%, and bitcoin treasury firm Strategy (MSTR) gained 4.4%.

While equities have fully recovered and pushed into new highs, bitcoin is still playing catch-up after its sharp February drop to $60,000.

“Since yesterday we've rejected from the top end of this two-month range,” said Jasper de Maere, trader at Wintermute. “It feels like the flow picture, which looked encouraging yesterday, is already being questioned.”

For now, he pointed to $72,000 as the key level to watch. Holding above it would keep the breakout narrative intact, allowing for further attempts at the range highs.

A break lower, however, could see bitcoin slip back into consolidation as volatility compresses, he added.