Bitcoin soared over $73,000 this morning, reaching a one-month high as institutional demand and technical positioning supported the market amid ongoing geopolitical conflict in the Middle East.
The bitcoin price has recovered from recent lows following six straight weekly losses and five consecutive months of declines.
Yesterday, the Bitcoin price approached $70,000 but did not surpass it. During Asian trading hours on March 4, it broke through that threshold.
Market participants said the rebound reflected traders covering bearish bets and adjusting positions rather than fresh bullish demand. Many had built heavy short positions on fears the Iran conflict would escalate.
When the situation did not broaden into a wider regional conflict, those shorts were forced to unwind, helping push bitcoin higher.
Bitcoin price has macro tailwinds
“If BTC holds above 71k through Friday’s NFP print and builds continuation, the range structure shifts materially,” Nicolai Søndergaard, Research Analyst at Nansen, wrote to Bitcoin Magazine.
“A soft payrolls number would likely reinforce rate cut expectations ahead of the March 18 FOMC decision, providing a macro tailwind at the margin. However, if this level fails to hold as it has before, the 60k to 71k range remains intact, and fading the edges is the more defensible positioning until a clear direction is confirmed.”
Institutional flows have provided additional support. U.S.-listed spot bitcoin ETFs recorded roughly $1.45 billion in net inflows over the past five trading days.
Daily ETF inflows remained elevated, with $225 million recorded on March 3 following $458 million the day before.
On-chain and derivatives data indicate stabilization, though traders remain cautious. Glassnode reported a moderate rebound in momentum indicators, including bitcoin’s relative strength index rising to 41 from 36 the previous week.
Spot trading volume increased to $9.6 billion from $6.6 billion, while derivatives markets continue to reflect defensive positioning.
Perpetual futures funding rates remain negative, and open interest in major contracts has grown as traders adjust positions rather than chase fresh gains.
President Trump: Genius Act ‘under threat’
Yesterday, President Trump criticized the banking industry, claiming that the stablecoin legislation he signed last year, the GENIUS Act, is “being threatened and undermined by the banks.”
The dispute centers on a provision barring stablecoin issuers from paying interest to holders, which banks argue creates a loophole for third-party reward programs.
Crypto advocates insist such rewards are essential for stablecoins to compete in payments, while banks are pushing lawmakers to adjust the rules in new market structure legislation, including the Clarity Act.
NEW: 🇺🇸 President Trump says the U.S. needs to get the crypto market structure bill done “ASAP.”
“Americans should earn more money on their money.” 🚀 pic.twitter.com/lPBnP2oysi
— Bitcoin Magazine (@BitcoinMagazine) March 4, 2026
The standoff has stalled progress in the Senate, despite White House-led meetings between banking and crypto representatives.
Despite this, the bitcoin price appears to have found near-term support after months of selling pressure, bolstered by ETF inflows, defensive derivatives positioning, and a moderation of long-term holder outflows.
At the time of writing, the bitcoin price is near $73,050.
Micah first discovered Bitcoin in 2018 but remained a skeptic on the sidelines for too long. Since 2021, he has covered crypto and business and now works as a news reporter for Bitcoin Magazine, based in North Carolina.
Micah Zimmerman
Read More