6 min read Bitcoin is extending gains above $82,000, marking a fresh three-month high and a third consecutive session in positive territory.
BTC is trading around 2% higher over the past 24 hours and 6% higher across the past week. Major altcoins are also advancing, with Ethereum up 1.4%, XRP rising 3.2%, and Solana gaining 5.7%.
Risk-on sentiment lifts crypto and equities
The gains across crypto markets come as US equities rally to fresh record highs.
Risk appetite has improved amid optimism that the US and Iran are moving closer towards a diplomatic agreement, while strong earnings from technology firms continue to support global equities.
According to Pakistani mediator sources, Washington and Tehran are working on a memorandum that would establish a framework for more detailed nuclear negotiations. Markets increasingly believe a broader agreement could lead to the reopening of the Strait of Hormuz.
As a result, oil prices have fallen sharply, with Brent crude dropping more than 9% and moving back below $100 per barrel.
The decline in energy prices has helped ease inflation concerns. US Treasury yields have fallen while the US dollar has weakened to its lowest level in two weeks.
Lower yields and a softer dollar are supportive for risk assets such as Bitcoin because they help loosen financial conditions and improve liquidity conditions globally.
Tech earnings strengthen macro backdrop
Technology earnings are also reinforcing the broader risk rally.
Advanced Micro Devices jumped 18% ahead of the US open after beating earnings and revenue expectations and issuing strong Q2 guidance, supported by continued AI-driven demand.
Bitcoin continues to trade in parallel with US technology stocks. The 30-day correlation coefficient between BTC and the NASDAQ Composite currently stands at 0.84, up sharply from negative territory in March.
This highlights the extent to which Bitcoin is currently behaving as a macro-sensitive risk asset.
Institutional demand remains supportive
Institutional demand continues to provide an important tailwind.
Spot Bitcoin ETFs recorded a fourth consecutive day of net inflows on Tuesday, with inflows of $467.3 million. BTC ETFs are now on track for a sixth straight week of positive flows — a streak not seen since June last year.
Persistent ETF inflows remain significant because they absorb supply and help support upward price momentum during rallies.
On-chain data points to improving structure
On-chain indicators are also turning more constructive.
Bitcoin’s 30-day average funding rate has remained negative for 67 consecutive days — the longest such stretch this decade.
This suggests that traders have remained defensively positioned even as prices moved higher.
Historically, extended periods of negative funding rates have often coincided with market bottoms, as excessive bearish positioning can create the conditions for stronger upside moves once sentiment begins to improve.
Strategy sale concerns remain in the background
Improving sentiment has partly overshadowed news that Strategy may consider selling a portion of its Bitcoin holdings to fund dividend payments following a larger-than-expected Q1 loss.
The company reported a quarterly loss of $38.25 per share, significantly worse than the $ 18.98-per-share loss expected.
While Executive Chairman Michael Saylor said any potential sales would be handled “responsibly,” the comments still represent a notable shift from the company’s previous “never sell Bitcoin” stance.
Focus turns to payrolls and geopolitics
Looking ahead, markets will remain focused on developments surrounding US-Iran negotiations before attention shifts to Friday’s US nonfarm payrolls report.
The labour market data could provide further insight into the resilience of the US economy amid elevated energy prices and ongoing geopolitical uncertainty.
For now, Bitcoin continues to benefit from easing macro fears, strong institutional demand, and improving risk sentiment — but the sustainability of the rally will likely depend on whether those conditions continue to hold.
Trading involves risk.
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