Bitcoin has reclaimed its position above the $70,000 mark amid heightened activity in both spot and derivatives markets. Investor Robert Kiyosaki highlighted a remarkable $128 surge in gold prices within a single day and suggested that silver and Bitcoin might be poised for significant gains. According to crypto analyst Ted, the cryptocurrency market’s total value expanded by nearly $100 billion in just one hour.
Data from Coincodex reveals that Bitcoin’s price climbed more than 7% over the past 24 hours, reaching approximately $69,929 after briefly hitting $70,075 before pulling back slightly. Its market capitalization rose to around $1.39 trillion—a 7% increase—while trading volume surged by over 36%, totaling about $54.2 billion.
Growth Observed in Derivatives Trading Volume and Open Interest
CoinGlass data indicates an 8.7% rise in derivatives trading volume to reach roughly $72.3 billion. Simultaneously, open interest grew by 6%, hitting about $46.9 billion during this timeframe. Typically, when open interest increases alongside rising prices, it signals traders are initiating new positions.
Market analysts also observed robust liquidity sweeps near the key support level of approximately $65,200 before prices advanced toward a critical control point around $68,200. A sustained four-hour close above this threshold could confirm short-term bullish momentum.
Source: X
Michaël van de Poppe, a well-known crypto analyst, commented that Bitcoin successfully surpassed the previous resistance at $65,000 and converted it into support territory. He identified potential targets between the range of $75,000 to $80,000 while noting minor pullbacks for gold and silver following U.S market openings.
Diminished Selling Pressure Among Short-Term Holders
An analysis conducted on March 1 by CryptoQuant examined Bitcoin’s Short-Term Holder Profit & Loss relative to exchange inflows—a metric tracking whether recent buyers transfer coins onto exchanges at profits or losses—which is crucial since short-term holders tend to react swiftly during volatile periods.
On February 5th and 6th alone approximately 89 thousand BTC were moved onto exchanges at a loss within just one day amid sharp price declines marking capitulation phases; however since then these loss-driven transfers have steadily decreased.
Source: CryptoQuant
The recent geopolitical tensions between the United States and Iran tested overall market resilience as Bitcoin briefly dipped into the range of roughly$63K-$64K but without triggering spikes in exchange inflows from short-term holders during this dip.
$BTC Price Critical Levels Amid Weekly Support Structure Holding Firm
On weekly charts,BTC currently trades near channel support close to$65K which corresponds with lower bounds of an extended ascending channel pattern historically acting as strong support during prior corrections accordingto Trader Tardigrade,a respected crypto analyst .
The weekly Relative Strength Index (RSI) remains oversold —a condition which previously preceded rebounds when found near similar channel supports across past cycles.He maintains bullish sentiment given BTC’s abilityto sustain closes above$65K on weekly intervals .
Tardigrade’s BTCUSD chart identifies major immediate support around$65K; if broken decisively,this could expose downside targets between roughly$58-60K.On upside resistance levels lie near approximately$70,937and$71,254provided buying momentum persists .
Source : X
AccordingtoTraderTardigrade , shouldBTC continueonthis trajectory,long termchannel projections extendtowardsbetween110 ,000and120 ,000USD.Assearchesfor" ; buyBitcoin & quot ; hitfive year highs,theupperchanneltargets suggestpotentialforfurthergrowthover timeifstructureremainstable.Yetcurrently,theprimaryfocusiswhetherBitcoincanmaintainmomentumabove70000amidrisingvolatilitylinkedtotheUS-Iranconflict.