Bitcoin’s (BTC) Price Recovers as Investors Look Past Middle East Tensions
Bitcoin’s (BTC) price is recovering on July 9 as investors looks past tensions in the Middle East.
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In late afternoon trading, BTC is up 2% and trading at $63,200, building on a rally that started at the outset of the third quarter. Other digital assets such as Ethereum (ETH) and Dogecoin (DOGE) are in the green after staging a recovery and rising about 1% each.
The upsurge in cryptocurrencies comes as investors pile back into digital assets and technology stocks, with the Nasdaq Composite index up 300 points or 1.16% on July 9. Investors had been rotating capital out of technology stocks tied to the artificial intelligence (AI) trade in recent days over valuation concerns and heavy capital expenditures.
Rising Alongside Tech Stocks
After a shaky start to the week, investors appear to be once again buying risk assets such as technology stocks and digital assets such as Bitcoin. BTC appears to have bottomed at $58,000 at the end of June and is now trying to break above resistance at $65,000. In recent weeks, Bitcoin has been rangebound between $60,000 and $65,000.
Some analysts continue to warn about downside risks for crypto such as the potential for higher interest rates and lack of regulatory clarity in the U.S. Many prominent AI stocks that have risen sharply higher this year, such as SanDisk (SNDK), remain volatile to start the third quarter. BTC’s price has been effectively cut in half from an all-time high of $126,000 reached last October.
BTC’s Three-Month Performance
Not enough analysts cover Bitcoin, so we’ll look instead at its three-month performance. As one can see in the chart below, Bitcoin’s price has declined 15% in the past 12 weeks.
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