Bitcoin price rebounded to $70k on Tuesday after a 4% surge over the past 24 hours. The cryptocurrency advanced to $70,330 as investors cautiously returned to risk-driven assets across global markets. The wider crypto market gained 4.2%, lifting total capitalization to to $2.39T during the same period.
The improvement came after a steep fall over the weekend caused by the geopolitical confusion and unpredictability in the global energy markets. Increased oil prices had shaken investors and burdened equities and digital assets.
Trump Signals Iran Conflict May End Soon, Fueling Market Recovery
Comments from Donald Trump suggested that tensions involving Iran could ease sooner than previously anticipated by markets. Speaking near Miami, he stated that the conflict may conclude very soon, although not within this week.
He cautioned that escalation remains possible if global oil supplies are disrupted through the Strait of Hormuz. Crude prices had climbed above $100 per barrel amid fears that the critical shipping lane might remain effectively closed.
Markets responded positively to signals that supply risks could diminish and inflation pressures may soften.
Trump also confirmed holding discussions with Vladimir Putin regarding the ongoing conflict. The United States and Israel launched military operations on Feb. 28, as official statements reveal.
Bitcoin price continues upward movement with improving sentiment towards resistance at around $72k. Investors are keenly observing future inflation statistics to determine whether the rally will continue to be robust.
Strategy Buys $1.28B in Bitcoin as ETF Demand Climbs
On March 9, U.S. spot Bitcoin ETFs posted total net inflows of $167 million. BlackRock’s IBIT recorded the strongest daily performance among peers. The fund attracted $109 million in fresh capital during the session.
Additionally, Strategy revealed another sizable Bitcoin acquisition. The company purchased 17,994 Bitcoin between March 2 and March 8.
The transaction cost $1.28 billion at an average price of $70,946 per coin. Strategy’s holdings now stand at 738,731 Bitcoin, acquired at an average price of $75,862.
CryptoQuant data showed short-term holders transferred 823 Bitcoin to Binance. At the same time, whale inflows to the exchange declined by $2.2 billion. The pullback occurred while Bitcoin traded between $65,000 and $72,000.
Bitcoin Price Outlook: Will BTC Rally To $72k This Week?
As of the reporting, the BTC price surged to $70,701, maintaining upside pressure as buyers defended higher levels within a rising channel formation.
Momentum indicators confirm the positive direction, with the MACD displaying widening positive histogram bars with a confirmed bullish crossover. The RSI is not yet at extreme overbought, and stands at 60, which represents strong, healthy buying power.
Short-term resistance is at $71,000 and was the last level at which the Bitcoin price halted prior to a corrective pullback this month. A breakout validation of above 72,000 may propel the future Bitcoin outlook to the 74,000 mark, coinciding with the upper limit of the channel.
Source: BTC/USDT 4-hour chart: TradingviewOn the negative side, the first support is at an area of about $69,000, with the greater structural support at the $68,000 level.
Source: https://coingape.com/markets/bitcoin-price-today-president-trump-signals-iran-conflict-may-end-soon-as-btc-eyes-72k/
