Bitcoin climbed above $72,000 on Thursday, reaching its highest level since the February market crash and breaking through a key resistance level that had capped gains in recent weeks.

The world’s largest cryptocurrency traded around $72,330 during Asian afternoon hours, rising 2.1% over the past 24 hours and 6.4% for the week.

The move marked the first sustained break above the $70,000 threshold after the level rejected the asset three times over the past month.

The rally comes as investor sentiment improves across global markets, driven by easing concerns about geopolitical risks, renewed institutional demand through exchange-traded funds (ETFs), and a broader rebound in equities.

Bitcoin’s advance was accompanied by broad gains across the cryptocurrency market.

Ether rose 3% to $2,116, reclaiming the $2,000 level for the first time since late February.

Dogecoin climbed 5.6% to $0.095, while Solana added 1.3% to reach $90.63.

XRP increased 1.39% to $1.41 and BNB gained 0.45% to $652.

WhiteBIT Coin rose 5.6%, while Tron was the only major laggard, advancing just 1.4%.

The market rebound coincided with a shift in broader risk sentiment.

Asian equities posted gains for the first time since the Iran war began, with South Korea’s benchmark index surging 11% after its largest decline on record in the previous session.

Wall Street had previously led the recovery after economic data helped ease inflation concerns, although US and European futures traded slightly lower on Thursday morning.

The geopolitical backdrop remains uncertain.

Iran has continued missile attacks targeting Israel and Gulf states, while US and Israeli forces have carried out strikes against Iranian assets, including the sinking of an Iranian warship in international waters.

US Defense Secretary Pete Hegseth said operations could last “six, could be eight, could be three” weeks, while President Donald Trump said the United States was “doing very well on the war front” and had “great support.”

Despite ongoing hostilities, markets appear to have moved past the initial shock of the conflict and are now adjusting to the evolving situation.

Institutional demand through spot Bitcoin ETFs has played a key role in supporting the latest price gains.

US-listed spot ETFs recorded another $155 million in net inflows on Wednesday, extending a recent streak of institutional buying.

According to SoSoValue data, the inflows bring total allocations to about $1.47 billion over the past two weeks, marking a sharp reversal after several weeks of withdrawals earlier this year.

Since Feb. 24, investors have poured roughly $1.7 billion into US spot Bitcoin ETFs, according to Bloomberg Intelligence data.

Some analysts caution that ETF inflows do not always translate into immediate demand in the spot market.

Authorized participants can create and short ETF shares before sourcing the underlying bitcoin, delaying the impact of flows on the asset’s price.

Still, some market participants see bitcoin gaining greater macro significance during periods of geopolitical stress.

“Bitcoin is increasingly being repriced by the market as a geopolitical hedge rather than just a risk asset,” said Livio Weng, CEO of Bitfire.

“Unlike gold, bitcoin trades 24/7 and can move across borders instantly, which makes it a natural escape valve for capital during periods of geopolitical stress.”

Despite the recent rebound, underlying on-chain indicators suggest the recovery may face challenges.

Analytics firm Glassnode said buy-side momentum has weakened significantly in recent weeks.

The 30-day moving average of realized profit has dropped about 63% since early February, reflecting a slowdown in strong buying activity.

Glassnode also noted that the share of bitcoin supply currently held in profit has slipped to around 57%, a level historically associated with the early stages of deeper bear market phases.

The firm added that the cost basis of short-term holders near $70,000 could act as a behavioral ceiling.

That level may encourage some traders to sell positions near breakeven, potentially turning rallies into distribution zones if momentum weakens.

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