Bitcoin has found support in the $62,500 to $65,000 range. Will that continue to hold? The Daily Breakdown examines the technicals.
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What’s Happening?
There was uncertainty heading into the three-day weekend, but with earnings season set to begin next week and hopes building for an eventual ceasefire in the Middle East, investors are looking for volatility to ease. Stocks are edging higher this morning, with the S&P 500 and Nasdaq 100 in positive territory, while Bitcoin is up about 1% and trading at its highest level since March 26.
This week brings a double feature of inflation reports, with the PCE report on Thursday — the Fed’s preferred inflation gauge — followed by the CPI report on Friday.
👀 S&P 500 Spotlight
SBA Communications, the $21.5 billion tower operator, surged nearly 19% on Thursday. The rally followed reports of a potential sale amid takeover interest from large infrastructure funds. Even after the jump, however, shares have only recovered to around last month’s high.
⚡ Crypto Corner — Animal Kingdom
Some of the animal-themed cryptocurrencies are on the move this morning, with Peanut the Squirrel and Pepe each up more than 6%, and Pudgy Penguins up nearly 5%.
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The Setup — Bitcoin
Bitcoin didn’t break to new lows in March when US stocks did, pointing to some stability emerging in the largest cryptocurrency. That stability is emerging in the form of technical support in the $62,500 to $65,000 range. While BTC attempts to regain its 50-day moving average, bulls ultimately have their eye on the $74K level, which has been resistance for the past few months.
Options & ETFs
For investors who can’t trade or aren’t comfortable trading cryptocurrencies outright, they can consider ETFs for BTC and ETH. On the BTC front, IBIT remains the largest ETF by assets, while also supporting options trading.
As of April 2nd, the options with the highest open interest for IBIT — meaning the contracts with the largest open positions in the options market — were the May $45 calls.
Bulls can utilize calls or call spreads to speculate on upside, while bears can use puts or puts spread to speculate on downside. In either case, investors may consider using adequate time until expiration.
For those looking to learn more about options, consider visiting the eToro Academy.
What Wall Street’s Watching
TSLA
Shares of Tesla tumbled more than 5% on Thursday as the company reported first-quarter delivery figures that missed Wall Street expectations. Tesla delivered 358,023 vehicles, missing the estimated 365,000 to 372,000 analysts had projected. While this was a slight 6% increase over the same period the previous year, it marked a 14% drop from the fourth quarter of 2025. Dig into the fundamentals for TSLA.
LITE
Thursday was a good day for Lumentum shareholders, with the stock rallying more than 8%. For the week, the stock climbed more than 17% as momentum in this group — which includes Coherent and Applied Optoelectronics — remains strong. For its part, Nvidia invested $2 billion in LITE and COHR last month. Check out the chart for LITE.
Disclaimer:
Please note that due to market volatility, some of the prices may have already been reached and scenarios played out.