Cryptocurrency rally flies under the radar

Bitcoin recovery intact

Whisper it quietly, but bitcoin is having one of its best months in eighteen months. This has rather flown under the radar thanks to the Iran war and the madness in oil and equity prices but rising prices develop a momentum of their own, drawing in more funds and generating the virtuous cycle that has been absent from bitcoin and other cryptocurrencies since the summer of 2025.

IG clients continue selling for now

While still heavily long overall, IG clients have sold both bitcoin and ether throughout April. Given the weak performance of both against a host of other assets in recent months, this ‘sell into strength’ move seems understandable, but a weekly close back above the March/April 2025 lows could well see this reverse in a signal that momentum has shifted back in favour of the buyers.

What we’re watching – central banks and earnings bonanza

Markets stand on the cusp of an insanely busy week of data and earnings. Once more we face a wave of central bank meetings that will see policymakers grappling with the US’ war on Iran, while more than a third of the S&P 500’s market cap reports. This is bound to take attention away from bitcoin’s ongoing revival, but the longer-term future of this rebound and the surge in equities is still more dependent on the Middle East situation and whether the US and Iran are even able to restart their stalled negotiations.