 ▲ Bitcoin (BTC) |
As signs of easing tensions in the Middle East emerged, Bitcoin reclaimed the $70,000 level, staging a strong short-term rebound. Analysts say that as geopolitical uncertainty subsided, institutional inflows combined with a short squeeze, rapidly amplifying upward momentum.
According to CoinMarketCap on March 10 (local time), Bitcoin (BTC) rose 3.55% over the past 24 hours to trade at $70,580.42. The rally occurred while the broader market showed relatively subdued movement. Bitcoin displayed a high correlation of 78% with gold and 68% with the S&P 500, indicating heightened sensitivity to macroeconomic variables.
The primary driver of the rebound was the easing of geopolitical tensions. On March 10, U.S. President Donald Trump stated that conflicts related to Iran could soon come to an end, quickly weakening risk-off sentiment in the market. Following his remarks, international crude oil prices fell sharply from above $100 per barrel to around $85, easing inflation concerns and prompting a shift of capital into risk assets such as Bitcoin.
Institutional inflows also supported the rally. As of March 9, U.S. spot Bitcoin ETFs recorded net inflows of approximately $167 million, reflecting sustained institutional demand. At the same time, about $99.43 million worth of Bitcoin positions were liquidated over 24 hours, of which approximately $83.75 million were short positions. The resulting short squeeze—buying pressure triggered by the liquidation or covering of short positions—appears to have accelerated the upward move.
In the near term, the key pivot for the market is whether the $68,000 support level can be maintained. During the rebound, Bitcoin recovered the $68,000–$69,000 range, establishing technical support. If this level holds, the next major resistance zone between $71,200 and $72,000 could come into focus.
However, if strong selling pressure emerges near $71,200, a short-term pullback remains possible. In that case, prices could retest the $68,000 support level. Market participants are watching the next spot Bitcoin ETF flow data, set to be released on March 13, as a key indicator of whether institutional demand will continue.
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