- Bitcoin is charging toward $73,000 amid a fresh decoupling from the stock market.
- The surge in BTC price comes despite concerns over rising oil prices.
- Ethereum, XRP, and Solana are also showing momentum as traditional assets falter.
Bitcoin climbed past $72,500 on Friday, extending gains ahead of the Wall Street open.
The cryptocurrency had earlier broken above $72,000 after buyers pushed it out of a consolidation range below $70,000.
The move came as digital assets appeared to shrug off a broader sell-off in equities.
At the time of writing, Bitcoin was trading around $72,518, up roughly 4% over the past 24 hours.
The rally to intraday highs occurred even as Asian stocks declined and S&P 500 futures slipped amid heightened geopolitical tensions.
Ethereum followed Bitcoin higher, touching intraday highs near $2,157.
Other leading altcoins, including XRP, Solana, and BNB, also posted gains around key price levels.
BTC eyes $73k
Analysts attribute Bitcoin’s uptick to the crypto market’s resilience in recent weeks, despite weakening sentiment after the strikes involving Israel, the United States and Iran.
While the conflict and concerns over a blockade in the Strait of Hormuz have raised fears of inflation by driving oil prices higher, on-chain data indicates that large holders have used the dip to accumulate.
The crypto market has largely weathered the initial shock of the Iran-related clashes, and analysts point to a renewed decoupling from broader risk-asset sentiment.
With momentum building, Bitcoin is targeting its highest levels in nearly two weeks.
After falling to around $63,000 on February 28, BTC surged above $74,000 on March 4.
A stretch of four consecutive red days earlier pushed the bellwether crypto to lows near $65,000.
Since then, the daily chart has turned positive as bulls aim for a fifth consecutive green candle.
If that materializes, a breakout past $73,000 could put the $75,000–$78,000 region into play.
Beyond that, the 100-day simple moving average sits as a potential resistance zone near $81,162.
Why could BTC see a sharp pullback?
Downside risks remain, driven by geopolitical uncertainty and upward pressure on global oil prices.
Analysts warn that higher energy costs could amplify inflation risks, erode risk appetite, push yields higher and strengthen the US dollar—all headwinds for risk assets including crypto.
Bitcoin’s momentum could also stall if markets further reduce expectations for near-term Federal Reserve rate cuts.
On-chain analytics firm Glassnode summarized the situation on X, noting an accumulation cluster between $62,000 and $72,000, but adding that accumulation intensity is modest compared with prior phases that preceded sustained expansions. Conviction is growing, the firm said, but the groundwork for a mid-term breakout remains thin so far.
That backdrop leaves room for profit-taking from short-term traders.
Immediate support sits at the psychological $70,000 level, while a stronger floor could form closer to prior lows around $66,250.