Bitcoin reached an intraday high of $62,788 before trading near $62,689 on Thursday, as the cryptocurrency found simultaneous support from investors treating it as a geopolitical hedge and from broader risk-asset recovery sentiment following three consecutive sessions of losses.

Key Highlights

  • Bitcoin at $62,600-$62,788 range: BTC touched $62,788 intraday on Thursday before pulling back slightly, rising approximately 1.9% on the session and breaking a three-day losing streak.
  • Dual demand narrative: Bitcoin received support both from investors positioning it as a safe-haven alternative amid Iran war escalation and from a broader risk-asset rebound that also lifted equities.
  • iShares Bitcoin Trust ETF up 1.2%: The Bitcoin ETF rose 1.2% on the day, consistent with BTC's recent pattern of rising alongside volatile equities rather than as a pure alternative asset.
  • Hawkish Fed a headwind: Markets pricing approximately 70% probability of a Federal Reserve rate hike before year-end represents a structural headwind for Bitcoin, as higher real yields typically reduce demand for non-yielding assets.

Bitcoin traded between $62,600 and $62,788 on Thursday, recovering from three consecutive sessions of losses and staging one of the more complex single-day moves in recent weeks as conflicting macro signals pulled the asset in different directions simultaneously.

Bitcoin remained under pressure from persistently high U.S. inflation, with May CPI at 4.2% and PPI at 6.5%, increasing the probability of a Federal Reserve rate hike. Higher rates reduce the appeal of non-yielding assets.

However, two countervailing forces pushed Bitcoin higher through the Thursday session. First, a broader risk-asset rebound lifted equities, with the Dow Jones gaining over 250 points and the Nasdaq rising 0.67%, drawing Bitcoin alongside the recovery in a pattern that has repeated itself repeatedly this year. The iShares Bitcoin Trust ETF, which tracks institutional flows into Bitcoin, rose 1.2% on the day.

Second, Trump's statements threatening to strike Iran "VERY HARD TONIGHT" and to seize Kharg Island triggered brief safe-haven positioning in Bitcoin from traders who view it as a geopolitical hedge independent of the traditional dollar and gold safe-haven complex. Bitcoin dipped to approximately $62,680 immediately after the post before recovering to $62,841, up 0.25% at that point.

The competing narratives reflect an unresolved debate in crypto markets about Bitcoin's fundamental character during periods of stress. Since the Iran war began in late February 2026, the cryptocurrency has largely tracked equities rather than gold, behaving as a risk asset rather than a safe haven. Bitcoin had bottomed near $60,000 in recent sessions before Thursday's recovery.

Millions in crypto positions were liquidated in the prior 24-hour period, with long traders bearing the majority of losses, before Thursday's rebound began rebuilding positioning. Spot Bitcoin ETFs continue to hold over $100 billion in assets despite recent outflows, with institutional holders retaining approximately 93% of their BTC positions.