Bitcoin has climbed back above $63,000, gaining about 2% over the past 24 hours, as lower oil prices and softer U.S. bond yields have improved sentiment toward risk assets despite the crypto market remaining in extreme fear.
According to data from crypto.news, Bitcoin ($BTC) traded around $63,250 on Thursday after recovering alongside other major cryptocurrencies as geopolitical concerns tied to Iran eased. The move followed a retreat in crude oil prices from recent highs and lower Treasury yields, conditions that often encourage investors to move back into higher-risk assets.
Although the recovery has pushed Bitcoin higher, investor confidence remains fragile. The Crypto Fear & Greed Index stayed in the Extreme Fear zone at 22, improving only slightly from 19 a week earlier. The reading suggests traders remain cautious even as prices stabilize.
Technical signals point to improving momentum
Beyond the macro backdrop, Bitcoin’s recent price action has started to show signs of technical recovery. On the 4-hour chart, $BTC has reclaimed the 61.8% Fibonacci retracement level near $62,077 and is testing resistance around the 78.6% retracement at roughly $63,235.
The chart also shows Bitcoin continuing to trade above a rising trendline formed after its early July rebound. Momentum indicators have improved alongside the price move. The Relative Strength Index has recovered to around 55, moving back above the neutral 50 level, while the MACD histogram has turned positive and the MACD lines are approaching a bullish crossover.
Together, these indicators suggest buying pressure has strengthened, although confirmation of a sustained breakout has yet to emerge.
A successful move above the current resistance zone could expose the recent swing high near $64,700. On the downside, the $62,100 area remains the first notable support should buyers lose momentum.
Elsewhere across the market, Ethereum added about 1.1% over the past day to trade just below $2,000. Solana rose roughly 1.5% to around $78, while XRP held above the $1 level as large-cap cryptocurrencies tracked Bitcoin’s recovery.
Lower oil and bond yields have supported crypto
The improvement in crypto prices has coincided with a shift in broader financial markets. Oil prices, which had surged earlier on concerns that the Iran conflict could disrupt global supplies, pulled back as fears of further escalation eased. At the same time, U.S. government bond yields also declined.
Lower oil prices can reduce inflation expectations, while falling Treasury yields make fixed-income investments relatively less attractive. Under those conditions, investors often become more willing to allocate capital to assets with higher return potential, including cryptocurrencies.
Bitcoin’s 2.4% gain over the past seven days indicates the latest advance is part of a gradual recovery rather than a one-session spike. Even so, the persistent Extreme Fear reading suggests many market participants are waiting for stronger confirmation before turning decisively bullish.
Adding another development to the sector, institutional digital asset custodian BitGo has quietly introduced a new toolkit focused on long-term crypto infrastructure. While the release has not affected current market prices, it highlights continued institutional investment in blockchain services even as short-term market sentiment remains cautious.
