 ▲ Strategy, Bitcoin (BTC) / AI-generated image © |
Expectations are growing that Bitcoin may move beyond a simple rebound and attempt to reclaim the $70,000 level.
According to CoinMarketCap on March 10 (local time), Bitcoin (BTC) rose 3.33% over the past 24 hours to $69,447.10, outperforming the overall cryptocurrency market’s 2.76% gain. The key drivers behind the rebound were identified as Strategy’s $1.28 billion Bitcoin purchase and a recovery in investor sentiment toward risk assets amid easing tensions in the Middle East.
The report noted that large-scale institutional buying, including Strategy’s acquisition of 17,994 BTC, helped support the market’s lower boundary. In addition, partially easing geopolitical risks in the Middle East and reduced pressure from oil prices contributed to a broader rebound in risk assets, including Bitcoin. The fact that Bitcoin has recently shown a strong correlation with the S&P 500 also supports the view that the latest rally is linked to changes in the macroeconomic environment.
The derivatives market further amplified the upward momentum. Total open interest increased 13.57% to $40.962 billion, while Bitcoin-related liquidations over the past 24 hours exceeded $78 million. Of these, 76% were short liquidations, indicating a partial short squeeze as funds betting on a decline instead fueled additional upside pressure.
The short-term key level to watch is the support zone between $68,000 and $68,300. CoinMarketCap suggested that if this range holds, Bitcoin is likely to retest the $70,000 resistance level. Conversely, if the daily closing price falls below $68,000, correction pressure could intensify toward the next support level near $66,000.
Ultimately, the next inflection point for the market will be the U.S. Consumer Price Index (CPI) release scheduled for March 12. The report assessed that while the current rally reflects a relief rally driven by institutional buying and easing macroeconomic uncertainty, the outcome of the inflation data could once again sway the Federal Reserve’s interest rate path and overall risk appetite.
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