Cryptos have rallied amid hopes that the SEC will approve spot Bitcoin ETFs, but digital assets may also be a haven play, say analysts.
Bitcoin and other cryptocurrencies advanced Thursday, holding firm despite turmoil in the stock market that could have, in the past, rattled cryptos. Bets that digital assets have emerged as a haven amid geopolitical risks may be playing out.
“We note a series of higher lows that brought the price closer to the upper bound of the consolidation range since Tuesday,” said Alex Kuptsikevich, an analyst at broker FxPro. “We believe that Bitcoin remains in low-density territory, with key resistance levels of $38,000 or even $48,000. However, reaching the upper boundary in the coming weeks won’t be easy.”
But Bitcoin’s resilience in the face of turmoil in the stock market is particularly notable. Action in cryptos has often been linked to other risk-sensitive assets, like stocks, but Bitcoin has held firm and gained in the face of declines in the Dow Jones Industrial Average and S&P 500. Stocks have fallen amid downbeat corporate earnings and—more influential for digital assets—worries over higher interest rates.
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