Bitcoin resumes its rally, even though sentiment across global equity markets still suggests risk aversion — visible even in falling precious metal prices, particularly silver. There is a possibility that capital leaving the silver market may be partially rotating into the surprisingly resilient BTC. Since the US attack on Iran, the cryptocurrency’s price has risen by around 10%, after initially dropping to roughly $63,000 in the immediate reaction.

At the same time, USD strength has not triggered declines in the crypto market, and the unwinding of various momentum trades (including positions in memory-chip suppliers) has not caused a sharp drop in BTC prices. One reason may be that the crypto market had…