Bitcoin held above the $64,000 mark on Thursday, extending its recovery from an early-week decline as investors balanced improving technical momentum against weakness in global technology stocks and a major share unlock at SpaceX.
The world’s largest cryptocurrency was largely flat and remained slightly higher for the week.
According to Alex Kuptsikevich, chief market analyst at FxPro, the recovery suggests that investor sentiment remains stronger for Bitcoin than for the broader cryptocurrency market, CoinDesk reported.
“Buyers defended the dip earlier this week and pushed Bitcoin back above its 50-day moving average,” Kuptsikevich said, adding that stronger performance by Bitcoin relative to altcoins is often seen during the early stages of longer-term market recoveries.
Most major cryptocurrencies were mixed.
Ether rose more than 1% to trade near $1,900 but remained slightly lower for the week. BNB slipped around 1% but continued to outperform most large-cap cryptocurrencies over the past seven days. XRP was among the weakest performers, while Solana and Dogecoin also traded modestly lower.
Investors were also closely watching SpaceX, where the first employee lockup period expires on Thursday, allowing approximately $101 billion worth of company stock to become eligible for trading.
The event has drawn attention from crypto investors because Elon Musk’s aerospace company is one of the world’s largest corporate Bitcoin holders. According to publicly available filings, SpaceX owned 18,712 BTC at the end of June, valued at roughly $1.1 billion at current prices.
Although the lockup expiration does not directly affect the company’s Bitcoin holdings, traders are monitoring whether increased liquidity or any corporate developments could influence broader market sentiment surrounding Musk-related assets.
Outside cryptocurrencies, global equity markets presented a mixed picture.
The MSCI All Country World Index ended a five-session winning streak as semiconductor stocks weakened across Asia. South Korea’s Kospi index fell 4.4%, led lower by shares of SK Hynix and Samsung Electronics, reflecting renewed concerns over AI-related technology stocks.
Futures tied to the S&P 500 and major European indexes edged slightly higher ahead of the U.S. trading session.
Commodity markets also reflected shifting investor expectations.
Gold climbed about 0.4% to its highest level since June as investors reduced expectations for further interest rate increases, while Brent crude remained below $80 per barrel after Iran announced an agreement with Oman regarding a shipping route through the Strait of Hormuz.
Later Thursday, investors will also scrutinize earnings from SoftBank Group, whose technology investments have made it a closely watched proxy for private AI markets.
Through Vision Fund 2, SoftBank has invested more than $34 billion in OpenAI since late 2024 and remains a major shareholder in chip designer Arm Holdings. Analysts say the Japanese conglomerate’s results could provide additional insight into investor appetite for artificial intelligence investments beyond publicly traded companies.
While Bitcoin has remained resilient despite broader market volatility, analysts say sustained gains may depend on whether institutional demand continues to offset weakness in other risk assets.