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Bitcoin jumped to a four-week high near $76,000 earlier this week before paring some of its gains amid profit-taking.
Bitcoin rose above $75,000 on Thursday, extending its sharp rise since the start of the week, as improving global risk sentiment and hopes for renewed diplomacy between the US and Iran supported demand for the cryptocurrency.
The world's largest cryptocurrency was trading 1.4% higher at $75,069.7 as of 9:42 AM (5:42 GMT).
"This pattern—rallies followed by quick pullbacks—has defined recent trading, highlighting a market that is capable of upward momentum but is still struggling to sustain it," IG analysts noted in a recent note.
Bitcoin Rises in Line with Broader Risk-Asset Rally
Bitcoin's latest rally mirrored a broader rally in global risk assets. Wall Street closed at record highs on Wednesday, with strong corporate earnings and gains in the tech sector lifting sentiment, while Asian stocks extended their rally on Thursday.
Investor appetite for risk was supported by growing optimism that the United States and Iran could resume talks to extend the fragile ceasefire, easing concerns about a protracted conflict.
Reports point to ongoing diplomatic efforts, even as Washington maintains a naval blockade of Iranian ports and tensions around the Strait of Hormuz persist.
"Part of the recent strength has been due to improving macroeconomic sentiment and renewed risk appetite. "Softer economic data and stabilizing volatility conditions amid hopes for a long-term ceasefire agreement between the United States and Iran supported demand for risk assets, including cryptocurrencies," IG analysts wrote.
"A technical break above approximately $76,100 would signal bullish continuation, but a failure would keep trading rangebound," they added.
Media reports also pointed to continued institutional accumulation and strong flows into crypto markets, although gains were limited by occasional profit-taking near recent highs.
Cryptocurrency Prices Today: Altcoins Show Modest Gains
Most altcoins also rose moderately on Thursday amid risk-on sentiment.
The world's second-largest cryptocurrency, Ethereum, rose 1.6% to $2,357.92.
The world's third-largest cryptocurrency, XRP, rose 3.5% to $1.40. Solana rose 3%, while Cardano and Polygon each jumped 4%.
Among meme tokens, Dogecoin gained 3.2%.