Bitcoin (BTC) briefly rose above the key support level of $75,000 U.S. following an eight-day win streak by the largest cryptocurrency.
On March 16, Bitcoin rose as high of $75,800 U.S., breaking through a resistance zone that had derailed previous rallies this year.
In early trading on March 17, BTC had pulled back to trade at $73,800 U.S. as crude oil prices resume their march higher amid the ongoing war in Iran.
Analysts say the recent upsurge in Bitcoin’s price has been due to Wall Street traders unwinding their bearish put options that had called for the price of BTC to fall as low as $55,000 U.S.
There also seems to be renewed appetite for crypto among individual retail investors whose sentiment has improved after Bitcoin rose back above $70,000 U.S.
The increase in Bitcoin’s price has coincided with a bigger move in the broader cryptocurrency market, with altcoins such as Ethereum (ETH) and XRP (XRP) also posting strong gains.
Some analysts are continuing to urge caution when it comes to cryptocurrencies, noting that Bitcoin also experienced an eight-day rebound during the 2022 crypto winter.
BTC remains down significantly from an all-time high of $126,000 U.S. reached last October.
