Can Bitcoin Sustain Its Uptrend After Breaking $70,000?
After a sluggish February, the crypto market has staged a strong rebound in early March. Yesterday (Mar 5), Bitcoin broke out of its consolidation range, briefly touching $74,000, with a 24-hour gain of nearly 8%. Ethereum reclaimed $2,100, and the altcoin market broadly recovered as overall market momentum shifted upward.
However, after a huge rebound, Crypto Fear & Greed Index went back to “Extreme Fear” zone again.
Technical Outlook: Will Today’s Pullback Reverse the Rally?
On the daily chart, Bitcoin has not produced a sustained sequence of bullish candles for nearly half a month, indicating that previous rebounds lacked follow-through.
The key level now sits around $74,500.
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If Bitcoin closes today with a strong bullish candle and holds above $74,500, it could form a breakout continuation pattern, signaling that bulls are firmly back in control.
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However, if price quickly turns bearish, traders should be cautious of a potential bull trap at higher levels.
Key Levels:
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First entry zone: $71,500 – $72,000 (strong pullback support)
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Major defense level: $70,000 psychological support (key level for support-resistance flip)
Is $60K–$70K a Strong Accumulation Zone?
Glassnode data reveals an important signal. During February’s consolidation, roughly 400,000 BTC were accumulated between $60,000 and $70,000.
Supply held in this range surged from 997,000 BTC at the beginning of the year to 1.43 million BTC, representing over 8% of the circulating supply outside exchanges.
This dense accumulation band suggests that even if prices pull back, the $60K–$70K zone may provide strong structural support, while selling pressure has significantly diminished.
Trump, Saylor, and Wood: How Do They View Bitcoin?
Recent remarks by Donald Trump on Truth Social have reignited expectations around the “CLARITY Act of 2025” (Digital Asset Market Clarity Act). If passed, the bill could ease the long-standing tension between the banking sector and the crypto industry, potentially ending months of market stagnation.
Michael Saylor’s $Strategy(MSTR)$ now holds over 720,000 BTC. Despite the company’s average cost around $76,000, Saylor continues to argue that Bitcoin is currently in a stage similar to Apple’s early “valley of despair” period before its major growth cycle.
Meanwhile, Cathie Wood of $ARK Innovation ETF(ARKK)$ emphasizes Bitcoin’s low correlation with traditional assets as the key reason institutions are allocating capital to it. She also notes that the current V-shaped rebound may indicate the market has already reached a potential technical bottom.
Discussion
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How do you view Bitcoin’s rebound above $70,000?
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Is the market forming lower highs, signaling a possible slowdown?
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Has this rally already paused, or is it preparing for another leg higher?
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And more importantly, do you remain bullish on Bitcoin’s long-term trajectory?
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Leave your comments to win tiger coins~
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The key level now sits around $74,500.
If Bitcoin closes today with a strong bullish candle and holds above $74,500, it could form a breakout continuation pattern, signaling that bulls are firmly back in control.
However, if price quickly turns bearish, traders should be cautious of a potential bull trap at higher levels.
The long-term outlook remains highly bullish due to the increasing "institutionalization" of the asset, with major banks like Goldman Sachs and Standard Chartered maintaining cycle targets between $150,000 and $200,000.
The rally is currently in a "healthy pause"; the market is cooling off overleveraged long positions, which builds the necessary base to challenge the $74,000 - $76,000 resistance for the next leg up.
While some analysts fear a "lower high" structure relative to the $100k peak, the current chart shows rising local support (higher lows) since February, suggesting the market is consolidating rather than breaking down.
Bitcoin’s return to $70,000 is a critical psychological victory that confirms strong institutional demand, specifically through consistent Spot ETF inflows that absorbed recent sell pressure.
Bearish/counter risks: Momentum indicators are diverging in places, and the market remains in a corrective structure from prior highs (some mention peaks around $90k+ earlier). If $70k fails decisively (e.g., multi-week close below + heavy ETF outflows), deeper pullbacks toward $60k or even $50k–$58k aren't ruled out in some forecasts. Geopolitical noise and macro headwinds have contributed to choppiness.