You might want to whisper it, but Bitcoin (BTC 0.29%) is moving up. On April 17 it moved over $78,000 for the first time since early February, and on April 19 it had notched a 5.7% one-month gain, though it’s now below $78,000. There are good signs, but it is a bit too soon to talk about a recovery as the lead crypto is still trading almost 40% below its all-time high as I write this.

Image source: Getty Images.

Why Bitcoin’s recovery may be temporary

The conflict in Iran, which began seven weeks ago, has exacerbated global geopolitical tensions and shaken markets. Not only that, energy prices spiked because the war severely restricted traffic through the Strait of Hormuz, a waterway that handles about 20% of the world’s oil. One big…