Bitcoin price has moved back above $70,000 as market activity intensified across spot and derivatives markets. Investor Robert Kiyosaki said gold surged $128 in one day and added that silver and Bitcoin could “blast off.” The cryptocurrency market added nearly $100 billion in value within one hour, according to crypto analyst Ted.
As per Coincodex, the Bitcoin price has surged over 7% in the last 24 hours to trade at $69,929 after touching $70,075, then retreating. Concurrently, its market capitalization reached $1.39 trillion, reflecting a 7% daily increase, while the trading volume rose 36.13 % to $54.2 billion.
Derivatives Volume and Open Interest Expand
Data from CoinGlass showed that derivatives trading volume climbed 8.7% to $72.3 billion. Open interest also increased 6% to $46.9 billion during the same period. When open interest rises alongside price, it often indicates that traders are opening new positions.
Market observers also reported strong liquidity sweeps around the $65,200 level. Price later advanced toward the range point of control near $68,200. Analysts noted that a sustained four-hour close above this zone could confirm short-term strength.
Source: X
Crypto analyst Michaël van de Poppe stated that Bitcoin broke above $65,000 and flipped that level into support. He added that the next potential area lies between $75,000 and $80,000. He also noted that gold and silver saw mild pullbacks after the U.S. market open.
Short-Term Holders Show Reduced Selling Pressure
A March 1 analysis from CryptoQuant reviewed Bitcoin’s Short-Term Holder P&L to Exchanges metric. This metric tracks whether recent buyers send coins to exchanges at a profit or loss. Short-term holders often react quickly to sudden market changes.
On February 5 and 6, about 89,000 BTC moved to exchanges at a loss within 24 hours. That event occurred during a sharp decline and marked a capitulation phase. Since then, loss-driven inflows have gradually decreased.
Source: CryptoQuant
Recent geopolitical tensions between the United States and Iran tested market stability. Bitcoin briefly dropped toward the $63,000 to $64,000 range. However, exchange inflows from short-term holders did not spike during that move.
BTC Price Key Levels to Watch as Weekly Structure Holds
On the weekly timeframe, Bitcoin trades near the $65,000 channel support. This level aligns with the lower boundary of a long-term ascending channel. According to crypto analyst Trader Tardigrade, previous corrections within this structure found support at similar levels.
The weekly relative strength index remains in oversold territory. In prior cycles, similar RSI readings near channel support preceded rebounds. As per the analysts, he is bullish since the BTC price has held above $65,000 on weekly closes.
According to his BTCUSD chart, the current major support remains near $65,000. A decisive break below that level could open room toward $58,000 to $60,000. On the upside, the analysts have noted the next resistance may come near $70,937 and $71,254 if bullish momentum holds.
Source: X
Per Trader Tardigrade, if the BTC price progresses this way, long-term projections from channel analysis extend toward $110,000 to $120,000. As "buy Bitcoin" searches hit a 5-year high, the upper channel projections suggest higher levels over time if the structure remains intact. However, for now, the focus is on whether Bitcoin sustains momentum above $70,000 as volatility increases due to the US-Iran war.
