Bitcoin rose above $63,000 as lower oil prices increased risk appetite

Bitcoin rose back above $63,000, rising about 2% over the past 24 hours, as lower oil prices and weak US bond yields improved sentiment towards risk assets despite the cryptocurrency market remaining in extreme fear.

According to data from crypto.news, Bitcoin (Bitcoin) traded at around $63,250 on Thursday after recovering alongside other major cryptocurrencies as geopolitical concerns linked to Iran eased. The move followed a decline in crude oil prices from recent highs and a decline in Treasury yields, conditions that often encourage investors to return to riskier assets.

Although the recovery has pushed Bitcoin higher, investor confidence remains fragile. Fear and greed in cryptocurrencies index It remained in the extreme fear zone at 22, improving only slightly from 19 the previous week. The reading indicates that traders remain cautious even as prices stabilize.

Technical signals indicate improving momentum

Beyond the macro backdrop, Bitcoin’s recent price action has begun 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 approximately $63,235.

The chart also shows Bitcoin continuing to trade above the upward trend line that formed after its rebound in early July. Momentum indicators improved along with price action. The RSI has rebounded to around 55, moving 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 that buying pressure has strengthened, although confirmation of a sustained breakout has not yet emerged.

A successful move above the current resistance area could expose the recent swing high near $64,700. On the downside, the $62,100 area remains the first notable support if buyers lose momentum.

Elsewhere in the market, Ethereum added about 1.1% over the past day to trade just under $2,000. Solana stock rose nearly 1.5% to around $78, while XRP held above $1 as large-cap cryptocurrencies track Bitcoin’s recovery.

Declining oil and bond revenues have supported cryptocurrencies

The improvement in cryptocurrency prices has coincided with a shift in the broader financial markets. Oil prices, which had risen earlier due to fears that the Iranian conflict could disrupt global supplies, fell as fears of further escalation receded. Meanwhile, US government bond yields also fell.

Lower oil prices could lower inflation expectations, while lower Treasury yields make fixed-income investments relatively less attractive. Under these circumstances, investors often become more willing to allocate capital to assets with a higher potential return, including cryptocurrencies.

Bitcoin’s 2.4% gain over the past seven days suggests that the recent advance is part of a gradual recovery rather than a single-session rally. However, the ongoing extreme fear reading suggests that many market participants are waiting for stronger confirmation before turning decisively to the upside.

Adding another twist to the sector, BitGo, the institutional digital asset custodian, has quietly introduced a new toolset focused on long-term cryptocurrency infrastructure. Although the release did not impact current market prices, it highlights continued institutional investment in blockchain services even as market sentiment remains cautious in the short-term.