Bitcoin has surpassed the $73,000 mark, currently trading between $72,500 and $73,187 as of Thursday morning. This surge follows a remarkable inflow of $155 million into U.S. spot Bitcoin ETFs on Wednesday, contributing to a two-week total of approximately $1.47 billion in new allocations.
The bullish momentum in Bitcoin”s price appears to correlate with a broader recovery in risk assets, which has been stimulated by recent geopolitical developments, including U.S. and Israeli military actions in Iran. Following these events, Bitcoin experienced an 8% increase during U.S. trading hours on Wednesday, although it faced a slight retracement of 1.8% on Thursday.
Notably, Bitcoin has outperformed gold since the onset of the conflict in Iran, enjoying a rise of over 10%, while gold has fallen nearly 2%. This marks a significant shift from previous months, where gold consistently reached record highs as Bitcoin faced downward pressure.
In terms of market dynamics, the Coinbase premium for Bitcoin, which had dipped into discount territory during the weekend, has bounced back, reaching levels not seen since October 2025, indicating renewed buying interest among U.S. investors. “Sentiment is turning bullish again in the crypto world,” remarked Caroline Mauron, co-founder of Orbit Markets.
The recent surge in ETF inflows has been substantial, with data from SoSoValue indicating that as of March 3rd, net inflows for Bitcoin spot ETFs totaled $225 million, led by BlackRock”s ETF IBIT, which attracted $322 million. In March alone, U.S. Bitcoin ETFs have garnered over $1.1 billion in investments, including a staggering $462 million on a single day.
Despite this positive trend, caution is warranted, as data from Glassnode shows that only about 57% of Bitcoin”s supply is currently in profit. This statistic is often associated with early bear market conditions and suggests that the cost basis of short-term holders around $70,000 could act as a barrier, potentially turning price rallies into opportunities for distribution.
Veteran trader Peter Brandt, who had maintained a bearish stance since Bitcoin”s peak near $127,500 in October, has recently shifted his outlook. He noted on social media that the present price action could signify a significant change in behavior since that peak. Tom Lee, chairman of Bitmine, echoed Brandt”s sentiment, suggesting this could be a pivotal moment for Bitcoin.
Immediate resistance levels are identified between $75,000 and $78,000, while support levels are positioned at $65,000 and $60,000. Furthermore, U.S. Treasury Secretary Scott Bessent indicated that a 15% global tariff rate is likely to be implemented soon, which may affect market conditions overall.
