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\n\t\t\t\t\t\t\t\t\tBitcoin brushed off geopolitical turbulence to trade above $70K, with an analyst pointing to resilience as a bullish signal.\t\t\t\t\t\t\t\t<\/p>\n<\/p><\/div>\n
Bitcoin (BTC) was trading just above the $70,000 level today, brushing off weeks of geopolitical turbulence tied to the conflict pitting the U.S. and Israel against Iran to post gains of about 4% in the last 24 hours.<\/p>\n
Now, analyst Markus Thielen is arguing that the flagship cryptocurrency\u2019s refusal to crumble under that pressure is itself a bullish signal, which makes a return to the $70,000 to $80,000 range more likely.<\/p>\n
In his March 10 daily chart note for Matrixport, Thielen pointed out<\/a> that since early February, BTC has mostly traded sideways, despite facing headwinds such as weaker U.S. employment figures, a sell-off in Korean equities, and a significant rise in oil prices over the weekend.<\/p>\n He noted that Bitcoin only retraced toward the $66,000 level, eventually finding support, even as oil prices briefly jumped to $120 over fears of Iran closing the Strait of Hormuz.<\/p>\n \u201cAs markets gradually start to discount the Iran conflict,\u201d Thielen wrote, \u201cBitcoin is likely to look through the geopolitical noise, which should support a move toward this higher trading range.\u201d<\/p>\n<\/blockquote>\n The sentiment has found backing from the broader news cycle, with reports emerging on March 9 that U.S. President Donald Trump had said that the war was \u201cvery complete, pretty much.\u201d Oil prices dropped back below $90 per barrel shortly after his remarks, with gold touching $5,140 per ounce and the S&P 500 climbing above 6,800.<\/p>\n Bitcoin wasn\u2019t left behind either, jumping<\/a> to around $69,600 before settling near $69,000 that day. Its current CoinGecko data shows a 24-hour range of about $67,000 to $71,200, with the asset now just above $70,500.<\/p>\n The price is up 3% from its level 7 days ago and more than 10% over 2 weeks. However, BTC is still down about 15% year-on-year and sits over 44% below its October 2025 all-time high when it passed $126,000.<\/p>\n One reason analysts are closely watching the current structure is because of the significant deleveraging that has taken place. As we previously covered, CryptoQuant analyst Darkfost noted<\/a> that since February, Bitcoin\u2019s Estimated Leverage Ratio on Binance fell from 0.198 to 0.152, as the OG crypto dropped from $96,000 to around $69,000.<\/p>\n According to the market technician, lower leverage usually means less systemic pressure, which can help stabilize price action before the market enters a new directional phase.<\/p>\n Interestingly, the cleaner leverage profile seems to be pairing with a futures market leaning heavily on shorts. Per data from Binance Research, open interest has gone up<\/a> some 18% since late February, returning from under $30 billion, while funding rates have stayed low to negative.<\/p>\n That combination means a large share of current open interest is from short positions, and if BTC moves higher, forced short covering could add velocity to any rally.<\/p>\n LIMITED OFFER for CryptoPotato readers at Bybit: Use this link<\/a> to register and open a $500 FREE position on any coin!<\/b><\/p>\n<\/div>\n<\/div>\n\n
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