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Bitcoin tests the $74,000 level
On March 4, the price of the leading cryptocurrency briefly exceeded $74,000, reaching this level for the first time in a month.
BTC/USDT hourly chart on Binance. Source: TradingView.
At the time of writing, Bitcoin is trading near $72,090, gaining 6% over the past 24 hours.
Ethereum rose 7.5% to $2,113. The coin tested a local high above $2,200 before pulling back slightly.
ETH/USDT hourly chart on Binance. Source: TradingView.
Among the top-50 assets, the biggest gainers were Dogecoin and Zcash.
- DOGE gained more than 8% and consolidated above $0.09
- ZEC rose 9% to $235, recovering from February lows
Analysts at K33 Research reminded that digital gold had recently experienced record oversold conditions, following six weeks and five months of consecutive market declines.
According to Coin Bureau co-founder Nick Puckrin, the recovery is supported by institutional demand.
“During the recent crisis, Bitcoin outperformed the Nasdaq, S&P 500, and gold. Such divergence is a positive signal.”
Puckrin added that since March 2, inflows into spot Bitcoin ETFs exceeded $680 million. Large investors are using cryptocurrencies as a capital hedge amid geopolitical instability.
Along with cryptocurrencies, shares of crypto-related companies also surged:
- Coinbase shares jumped 15% to $210
- Gemini stock rebounded from below $6 and surged 34% to $8.70
- Galaxy Digital shares climbed nearly 18% to $24.40
- shares of mining companies Bitfarms, IREN, American Bitcoin, and Hut 8 rose about 13% in a day
Bears still maintain control
Despite cautious optimism, traders continue hedging against potential downside.
The premium on put options exceeded call contracts by 10%, while under neutral market conditions the difference usually does not exceed 6%.
At the same time, demand for bullish Bitcoin futures remains stagnant, with their annual premium dropping below the 5% baseline.
This reflects investor caution after the market crash in early February.
According to Glassnode, 43% of Bitcoin’s market supply is currently at a loss, compared with 30% at the end of January.
Investors fear that as prices recover, holders may start gradually selling their coins, creating additional resistance.
Source: Glassnode.
Additional pressure comes from miners. The hashprice index dropped to $30 per 1 TH/s per day, compared with $39 three months ago.
Source: Hashrate Index.
Mining profitability has fallen to historic lows due to high electricity costs. Public mining companies are selling Bitcoin reserves and repurposing infrastructure for artificial intelligence computing.
An important resistance level for Bitcoin is the $76,000 zone — the average purchase price of Bitcoin by Strategy, which holds 720,737 BTC on its balance sheet.
Some market participants may benefit from keeping the price below this level. A higher price would allow Strategy to issue new shares to buy Bitcoin without diluting current investors.
A recovery toward the January high of $78,700 may take longer than the market expects. A breakout above this level would return control to buyers.
The Crypto Fear & Greed Index rose from 10 to 22 points, but still indicates extreme fear.
Crypto Fear & Greed Index. Source: Alternative.
Earlier in March, VanEck CEO Jan van Eck stated that the price of digital gold was approaching a local bottom.
See also: "Bitcoin Overview for March 3 — What’s Driving BTC Today"
