Bitcoin‘s explosive rise that began on Wednesday, March 4, has led to kriptovalyuta briefly surpassed the $73,000 mark, as if it had slowed down. March 5 Bitcoin fell to an intraday low of $70,717 and then recovered above $71,000.
Despite some slowdown in upward progress, Bitcoin maintains a weekly gain of around 6%. Moreover, BTC is one of the few assets that has maintained a net gain since the start of the military conflict in the Middle East.
24-hour BTC price change. Data from CoinGecko
Bitcoin’s decline on March 5th reduced the leading cryptocurrency’s market capitalization by approximately $40 billion, now standing at $1,42 trillion. This also led to changes in derivatives markets. Of the approximately $120 million liquidated in the cryptocurrency, $73 million were long positions.
This situation did not surprise the co-founder at all. BitMEX Arthur Hayes, which suggested that Bitcoin has not yet fully separated itself from shares of American technology companies providing software as a service.
This move is more of a rebound than the start of a sustained uptrend, wrote Hayes advised traders to remain patient as the market is not yet out of the high-risk phase.
Head of Research at K33Research Vetle Lunde also sees An element of surprise in Bitcoin’s upward rally. Considering all the factors, including the military attack on Iran, the situation on the BTC market was extremely challenging.
However, in his opinion, the extreme conditions have set the tone for a potential reversal in Bitcoin: the weekly RSI indicator fell to its third-lowest level ever, suggesting that BTC has entered a uniquely oversold state. Lunde also noted that institutional investors have reduced their Bitcoin holdings in recent months, while ETF There was an outflow of almost 100,000 BTC, and open interest on the national exchange CME fell by 30% compared to October 2025.
Citing historical behavior, Lunde suggested that BTC has entered a bottoming phase, characterized by market oversaturation and seller exhaustion. This, in turn, creates the conditions for a resumption of growth.