TLDR
- Bitcoin failed again to break above the $75,000–$76,000 resistance zone, dropping to around $73,500
- Crypto-linked stocks including Coinbase, Strategy, Robinhood, and Circle all fell 2–3%
- The S&P 500 and Nasdaq hit fresh record highs on Thursday before futures edged up Friday morning
- A 10-day Israel-Lebanon ceasefire, tied to Iran’s conditions for reopening the Strait of Hormuz, lifted sentiment
- Netflix dropped over 9% in after-hours trading despite beating Q1 earnings expectations
Bitcoin pulled back again on Thursday after hitting resistance at the $75,000–$76,000 range for at least the second time in recent weeks. The cryptocurrency slipped around 2% in a matter of minutes during the U.S. morning session, falling to roughly $73,500.
That price zone is seen as a key level. Bitcoin traded there before the Feb. 5 crash that sent prices down to $60,000. Getting past it would be a meaningful step toward recovering the $90,000 price it held at the start of the year.
The pullback came even as broader stock markets were posting gains. The S&P 500 and Nasdaq both hit fresh intraday and closing records on Thursday, rising 0.3% and 0.4% respectively. The Dow added 115 points.
Crypto-linked stocks moved lower alongside bitcoin. Coinbase, Strategy, Robinhood, and Circle each dropped roughly 2–3% in morning trading on Thursday.
Software Stocks Catch Up to Bitcoin
Since the Middle East conflict began in late February, bitcoin had been outperforming software stocks by a wide margin. Bitcoin gained more than 11% over that period, while the software ETF known as IGV rose only about 2%.
That gap has started to close. Over the past five days, IGV climbed as much as 11% while bitcoin was flat. On Thursday, IGV was up 1% while bitcoin fell 1.5%.
This suggests software stocks may have simply been lagging rather than decoupling from bitcoin entirely.
Crude oil also moved on Thursday, rising about 2% back above $90 as geopolitical tensions kept supply concerns in focus.
Markets Look Ahead After Ceasefire News
On Friday morning, U.S. stock futures edged higher after President Trump announced that Israel and Lebanon had agreed to a 10-day ceasefire. The agreement is linked to one of Iran’s conditions for reopening the Strait of Hormuz.
S&P 500 futures rose 0.1%, Dow futures climbed 0.2%, and Nasdaq futures were near flat. Trump told reporters at the White House that a permanent peace deal was possible following weekend negotiations.
Markets have now fully recovered losses tied to the Iran conflict.
Netflix reported better-than-expected Q1 results but still fell more than 9% in after-hours trading. Investors reacted to a weaker-than-expected outlook for the second quarter.
Several banks are due to report earnings before Friday’s open, including Truist Financial, State Street, and Fifth Third Bancorp.
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