Eastern markets rebound from geopolitical tensions, while top altcoins falter, leaving bitcoin to steady above the $74,000 threshold.

The cryptocurrency market witnessed a notable surge on Wednesday, driven by a resurgence of risk appetite that permeated global markets. As Asian stocks followed in the footsteps of their Wall Street counterparts, erasing losses incurred since the US-Iran conflict erupted in late February, Bitcoin maintained its position above the $74,000 threshold.

In the altcoin sphere, Ether experienced a 4% weekly gain, reaching approximately $2,325, thereby outperforming Bitcoin's 3.9% increase. Conversely, Solana and Cardano's ADA suffered declines of 1.5% and 1%, respectively, with Dogecoin also dropping 1.3% to $0.093. Tron, however, bucked this trend by posting a 3% weekly increase.

This uptrend was mirrored in traditional markets, where China's CSI 300 index joined those of Taiwan and Singapore in fully recovering from the losses sustained during the US-Iran conflict. The S&P 500 is now approaching its record high, last seen in late January.

The easing of tensions between the US and Iran, with a potential second round of talks on the horizon, has contributed to crude oil prices remaining below $100 per barrel, thereby alleviating inflation concerns that had weighed on markets throughout March.

Notably, the current Bitcoin price is hovering around the average entry point for holders of US spot Bitcoin ETFs. This level is likely to serve as a support rather than a resistance, as investors who weathered the downturn to below $60,000 are unlikely to sell at breakeven, thus reducing potential overhead supply.

On April 6, US spot ETFs recorded an impressive $471 million in net inflows, marking their strongest single-day intake since February. This milestone has pushed cumulative inflows past $56 billion since the products' launch in January 2024. According to some experts, this influx of capital reflects a bullish market structure.

Vikrant Sharma, founder of CakeWallet, views this development as a positive sign for Bitcoin adoption. "The fact that institutions are investing $471 million in a single day, pushing cumulative inflows beyond $56 billion, signals the emergence of a new class of long-term holders," he stated. Sharma further noted that the lack of a price collapse, despite self-custody wallets selling off, is a remarkably bullish indicator.

Market participants are also factoring in the possibility of rate cuts by the Federal Reserve later this year, which could inject additional liquidity into risk assets, thereby ending months of range-bound trading and fueling further growth.