The crypto market and the Israeli stock exchange opened the trading day with volatility, but in recent hours both arenas have shown a recovery: Bitcoin is climbing sharply and approaching levels not seen in almost a month, while in Tel Aviv the indices shifted from losses to moderate gains, led by insurance and technology stocks.
Bitcoin Surges Above $71,000
Bitcoin’s price climbed approximately 5% today during Asian trading, reaching around $71,600, the highest level since early February. The rise comes after weeks of volatility, during which the currency struggled for a prolonged period to hold above the $70,000 threshold.
The surge followed the price breaking through several important technical levels. Among other things, Bitcoin managed to cross above the 200-week moving average and the peak of the 2021 market cycle, around $69,000. For many traders, this is a significant technical signal, increasing the possibility of further upward breakouts.
Some analysts believe the market may be exiting a long “accumulation” period, during which large investors quietly gather coins before a sharp price movement. According to them, if Bitcoin manages to hold above its current range, the next psychological target is around $72,000 and potentially beyond.
However, the macroeconomic environment still generates uncertainty. Tensions in the Middle East and concerns over disruptions to oil supply via the Strait of Hormuz continue to affect capital markets and investor risk sentiment.
Tel Aviv Stock Exchange Shifts from Losses to Gains
The Tel Aviv Stock Exchange also opened the trading day with a negative tone, but later the indices moved into moderate gains. The TA-35 and TA-125 indices, which opened down about 0.6%, climbed to around 0.3%.
Leading the gains were insurance stocks, with the TA Insurance Index rising approximately 3.3%. Energy stocks also benefited from the geopolitical backdrop and rising oil prices, with the Oil and Gas Index trading up nearly 1%.
Within the indices themselves, a mixed picture emerged among large companies. NICE stood out with a surge of over 6%, leading the TA-35 Index. Conversely, Tower Semiconductor fell by 4.6%.
Banks and Chips Put Pressure on the Indices
Earlier in trading, weakness was mainly seen in banking and chip stocks. The Banks Index fell by 1.3%, with Leumi and Teva stocks standing out with declines of 3.5%.
In contrast, local energy stocks rose, including Delek, NewMed, and Navitas, benefiting from the spike in oil prices amid regional tensions.
The overall picture reflects the complex environment investors are navigating these days. On one hand, rising energy prices and geopolitical tensions put pressure on traditional markets. On the other hand, Bitcoin and other risk assets are showing signs of recovery and even attempts at significant technical breakouts.
The coming days are expected to be critical for crypto. If Bitcoin manages to hold above $70,000, some analysts believe the market could enter a new phase of renewed upward momentum.