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Bitcoin (BTC) has reclaimed the $70,000 level and is attempting to transition into a bull market, but uncertainty surrounding the U.S. cryptocurrency market structure bill (CLARITY) continues to fuel intense supply-demand battles for further gains.
According to crypto media outlet BeInCrypto on March 6 (local time), Bitcoin has shown a strong rebound from its recent low of $67,585 recorded on March 4. However, market experts note that investor caution ahead of key legislative decisions is still limiting upward momentum. In particular, many analysts believe that for the current rally to solidify, Bitcoin must decisively break through the resistance level above $71,177.
A key factor influencing the market is political conflict surrounding the U.S. crypto market structure bill and emerging regulatory moves. The introduction of a housing-related bill that would temporarily ban the Federal Reserve from issuing a digital dollar until 2030 has heightened uncertainty over the adoption of a central bank digital currency (CBDC). There are also concerns that if Bitcoin fails to hold support at the $70,000 level and falls toward the $66,224 support line, the price could retest the $65,000 range.
The altcoin market is showing mixed performance despite Bitcoin’s recovery. PIPPIN, a meme coin that recently gained popularity, formed a double-top pattern and plunged 35% in a single day to around $0.35. Analysts warn that if PIPPIN fails to regain the $0.38 resistance level, it could drop further to $0.30, marking its lowest level in four weeks. Major altcoins such as Solana (SOL) and XRP are also experiencing notable selling pressure as exchange inflows increase.
However, institutional investor demand continues to serve as a supportive pillar for the market. If Bitcoin manages to maintain stability above $70,000, it could secure fresh momentum toward $72,294. The total cryptocurrency market capitalization is currently attempting to stabilize at around $2.29 trillion, and a breakout above $2.37 trillion could signal a renewed full-scale bull market.
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