Bitcoin Breaks Through $74,000: Rebound or Reversal?

Các mật mãcurrency market has recently experienced a long-awaited strong rebound. On March 5th, the price of Bitcoin once broke through the $74,000 mark, with a gain of nearly 8% within 24 hours, hitting a new high in nearly a month. Currently, BTC is fluctuating within the $72,000-$73,000 range, and overall market sentiment is warming up. ETH rose to around $2,100, with a gain exceeding 7%, and some altcoins saw minor rebounds.

Regarding liquidation data, according to Coinglass, total open interest liquidations across all exchanges amounted to $595 million in the past 24 hours, with short liquidations at $482 million. The market fear & greed index has finally moved out of the extreme fear zone, rising back to 29.

Recently, the White House formally submitted Kevin Warsh’s nomination for Federal Reserve Chairman to the Senate, and the U.S. Senate voted down a war powers resolution aimed at restricting Trump’s military actions against Iran. These two major political events quickly boosted global risk appetite. The market widely believes that Warsh’s nomination, as a renowned economist, significantly enhances the continuity of Fed policy and market-friendly expectations. Meanwhile, the Senate vote result effectively alleviated concerns about escalating Middle East geopolitical conflicts, avoiding the most pessimistic scenario.

Gold, as a safe-haven asset, performed remarkably, currently hovering around $5,150-$5,300 per ounce. U.S. stock market crypto-related concept stocks generally rose, with MSTR closing up 10.37%, COIN up 14.57%, and CRCL up 5.63%. Furthermore, according to Bitget market data, Japanese and South Korean stock indices opened higher. The South Korean KOSPI index rose 565.69 points to 5,654.72 points, a gain of 11.02%; the Nikkei 225 index rose 2,319 points to 56,564.54 points, a gain of 4.28%.

BTC Spot ETFs Have Seen Sustained Large Net Inflows Since Late February This Year

Data shows that before the end of 2025 and early February 2026, Bitcoin spot ETF data showed occasional large net inflows but more frequent large net outflows.

Since Bitcoin hit its all-time high in early October last year, up until February 20, 2026, U.S. Bitcoin spot ETF holdings experienced the largest reduction of this cycle, with a cumulative decrease of approximately 100,300 BTC.

However, this trend began to change starting February 20, showing multiple instances of large net inflows.

As of March 5th, there have been only 2 net outflows, and the values were not significant. In contrast, during this period, net inflows saw large amounts such as $458 million and $506 million in single days.

With entry funds beginning to recover, it’s no surprise that BTC prices are rising.

400,000 BTC Accumulated Between $60,000 and $70,000, Selling Pressure Easing

During Bitcoin’s correction in February this year, according to Glassnode data, significant accumulation occurred in the $60,000 to $70,000 range during Bitcoin’s sharp pullback, with over 400,000 BTC being accumulated by investors, showing strong “buying the dip” behavior.

The BTC supply in this price range has increased from approximately 997,000 on January 1st to about 1.43 million currently, an increase of about 429,000, or 43%. Currently, over 8% of the non-exchange circulating supply’s cost basis is concentrated in this range, forming a dense holding zone.

In addition, data charts from March 3rd show that after months of sustained net selling, the net position change of Long-Term Holders (LTHs) is now moderating.

This indicates that as Bitcoin prices stabilize, selling pressure from experienced holders is diminishing. Resistance on the BTC supply side remains, but the intensity of selling is weakening.

Đồng tiền ổn định Chợ Cap Remains High, with $1.737 Billion Increase in Past 7 Days

Stablecoin data remains one of the indicators for observing market capital.

According to DefiLlama data, its total market cap currently remains at a high of $310.848 billion. Over the past 7 days, USDT’s total market cap increased by 0.03%, while USDC’s reached 1.84%.

It’s worth noting that over the past month, USDC’s market cap increased by 8.6%, PYUSD by 16.7%, U by 29.04%, and USDG by 12.87%.

The high-level operation of stablecoins not only provides ample market liquidity but also signals the continuous entry of capital into the crypto ecosystem—trading volume remains at the trillion-dollar level, acting as a bridge and accumulating momentum for the next phase of growth for assets like Bitcoin. Although explosive growth hasn’t appeared, the stable supply itself reflects market maturity and recovering confidence.

Michael Saylor continues to increase Bitcoin holdings through his company’s unlimited purchase strategy, with current holdings exceeding 720,000 BTC at an average cost of approximately $76,000. He has repeatedly stated publicly: “We are in a stage similar to Apple’s early ‘valley of despair.’ Bitcoin, as digital property and digital credit, will outperform traditional assets.”

In her outlook report in early February 2026, ARK Invest founder Cathie Wood pointed out that Bitcoin’s downward cycle may be nearing its end. “The key to achieving portfolio diversification is introducing new assets with low correlation to existing assets, and Bitcoin fits this perfectly. Adding low-correlation assets can improve risk-adjusted returns in the long run. Therefore, Wood believes institutions are indeed taking cryptocurrencies seriously. Previously, they might have hesitated due to the ‘four-year cycle’ narrative. Whether a four-year cycle exists or not, the market did experience a significant decline and is now approaching what many technical analysts consider a potential low area. When nearing a bottom, markets typically experience sharp volatility. In hindsight, people often say, ‘If only I had bought at that low.’ The V-shaped rebound has been quite significant. Of course, this is not any form of promise, but it appears various factors are gradually aligning.”

Tom Lee, Chairman of Ethereum treasury company BitMine, stated in an interview with CNBC, “No one wants to see the U.S. involved in conflict. But it must be pointed out that the market’s performance has been much more resilient than expected. I don’t think anyone can assert we’ve hit the bottom now, but this looks like bottom-building—bad news keeps coming, yet the market can digest it and remain stable. More importantly, I think positioning has been largely reset. If you look back to last April, a simple signal was the VIX rising above 40. Last year it reached 80, but it might not go that high this time. Another signal would be: if another panic-inducing news breaks, gold continues to fall, but the stock market turns positive that day, it would indicate the market has cleared. I think we are approaching that stage.”

Tom Lee believes March is a period of bottom formation. The declines in software, Mag 7, and crypto assets are about 90% complete. They are starting to outperform the market, which is a sign of leadership. Even with global trade disruptions, you still need AI, and you still need Mag 7. The fundamentals of these companies remain strong. Investors need to be patient and cautious, keeping some cash. But I think opportunities are emerging.

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