Bitcoin hovers near $75,000 as equities hit records; Middle East risk and miner sales shape flows

Bitcoin traded around the mid-$70,000s on Tuesday, struggling to break out decisively even as the S&P 500 and Nasdaq set fresh record highs, underscoring a divergence between crypto and U.S. equities that traders attributed to choppy flows, profit-taking, and fresh macro and geopolitical crosscurrents.

The largest cryptocurrency was last indicated near $74,700 after failing to hold above the $75,000 area in recent sessions, according to prices cited by market coverage this week. The move left bitcoin consolidating inside what one market maker described as a multi-month range, even as stock investors pushed risk assets higher. In a note carried by CoinDesk, Wintermute trader Jasper de Maere said bitcoin had “rejected from the top end of this two-month range,” adding that the “flow picture” looked uneven as the market tried to regain momentum.

Crypto lags stocks after February drawdown

The price action comes after bitcoin clawed back losses from a sharp February downdraft that took it down to roughly $60,000. Business Insider’s markets coverage said bitcoin rose as high as about $75,900 on April 14, “fully erasing the losses” from that early-February slide. Yet despite the rebound, CoinDesk noted that while equities have “fully recovered and pushed into new highs,” bitcoin remains “playing catch-up” versus its prior peak, sitting roughly 40% below an October high referenced in its reporting.

That gap has become a focal point for macro-oriented investors who had expected tighter correlation between speculative assets and U.S. equities during a period of improving risk appetite. Instead, bitcoin’s inability to sustain a breakout has highlighted crypto-specific supply and demand factors—particularly miner sales and the market’s sensitivity to geopolitical headlines.

Middle East flare-up lifts oil, pressures altcoins

Over the weekend and into Monday, renewed U.S.-Iran tensions injected fresh volatility across global markets. CoinDesk reported that oil jumped on “renewed U.S.-Iran war risks,” including references to heightened controls around the Strait of Hormuz and U.S. threats, prompting traditional markets to reprice Middle East risk.

In that episode, crypto’s response was mixed. CoinDesk said bitcoin “proved more resilient” than oil and equities, slipping only modestly even as energy prices surged. Ether and solana fell alongside bitcoin in that risk-off impulse, according to the same report, as traders trimmed exposure to higher-beta tokens amid uncertainty.

The macro transmission matters for crypto because oil spikes can tighten financial conditions at the margin by pushing inflation expectations higher, complicating the outlook for rate-sensitive risk assets. For bitcoin specifically, the last several sessions have reinforced the idea that it is trading less like an equity proxy and more like a market with its own internal catalysts—particularly around on-chain supply and liquidity.

Miner selling adds to overhead supply near highs

One of the clearest crypto-native headwinds has been the steady drip of miner-related selling flagged in multiple reports this week.

Bitget’s compilation of mining data said mining company MARA transferred out another 250 BTC and that its cumulative bitcoin sales in March totaled 15,133 BTC. Separately, an “Odaily Morning News” roundup carried by Bitget said Bitdeer “maintains zero holdings” and sold 177 BTC this week.

Those figures have been watched closely by traders because miner distributions can translate into persistent spot supply, especially when the broader market is attempting to push through a well-defined resistance zone such as $75,000–$76,000. With bitcoin repeatedly failing to hold above that band, incremental sell flow—from miners and other holders—has been viewed as sufficient to cap rallies absent a strong new wave of demand.

ForkLog also highlighted competitive shifts in the mining sector, reporting that Bitdeer surpassed MARA in bitcoin mining capacity. While capacity leadership does not directly dictate near-term prices, it can affect which firms have stronger operating leverage and treasury strategies, and how aggressively they may need to sell coins to fund growth.

Crypto-linked equities and “AI infrastructure” narrative

Even as bitcoin’s spot market churned, crypto-linked equities showed pockets of strength. Bitget reported that mining company stocks surged alongside the “AI and Bitcoin” narrative, pointing to Hive shares trading near $2.42, up nearly 12% on the day referenced in its report. The same piece noted Bitfarms—operating under the Keel Infrastructure brand—was pursuing a strategy focused on digital infrastructure, including offering data center capacity to large clients through long-term contracts.

That positioning has helped some publicly traded miners frame themselves as hybrid “power and compute” platforms, potentially broadening their investor base beyond pure bitcoin exposure. The equity outperformance versus spot bitcoin also suggests investors may be looking for idiosyncratic catalysts—such as data-center deals or capacity expansion—at a time when the underlying token remains range-bound.

Technical levels in focus as flows stay “choppy”

From a market structure perspective, traders have increasingly described bitcoin as trapped between a firm support zone above the February lows and stiff resistance near the mid-$70,000s. CoinDesk’s April 15 report framed the current setup as a rejection from the top end of a two-month range, a dynamic consistent with the repeated failures to extend above $75,000.

In practical terms, that range behavior can amplify the importance of positioning and liquidity. In range markets, short-term traders often sell rallies into resistance and buy dips into support, which can dampen follow-through absent a clear catalyst. The same environment can also lead to sharp, stop-driven moves when key levels break—especially if miner selling, ETF flows, or macro shocks suddenly shift the balance.

For now, bitcoin’s relative steadiness during the Middle East risk flare-up—despite broader cross-asset volatility—has reinforced the view that the market is waiting on a decisive trigger. That could take the form of a clean technical break above the recent ceiling, a meaningful change in miner distribution behavior, or a macro impulse that pushes more institutional capital into liquid alternatives.

Still, the divergence with record-setting U.S. equities remains notable. While stock investors have embraced improving sentiment, bitcoin’s price suggests the crypto market is still digesting February’s drawdown and the subsequent rebound, with supply overhang and geopolitics keeping traders cautious near the top of the range.

References & Links

• Bitcoin $75,000 range (CoinDesk)
• U.S.-Iran war risks and oil jump (CoinDesk)
• Bitcoin rebound to $75,900 (Business Insider Markets)
• MARA bitcoin sales (Bitget mining data highlights)
• Bitdeer sold 177 BTC (Bitget / Odaily Morning News)
• Mining stocks surge (Bitget)
• Bitdeer mining capacity vs MARA (ForkLog)

This is market commentary based on publicly available news sources. Not financial advice.