By Nora Redmond and Isabel Wang
Bitcoin must hold above $70,000 on any future pullback to build on those gains, one analyst says
Bitcoin is hovering above $73,000 on Wednesday.
Bitcoin this week reclaimed a critical level for the first time in nearly a month, underscoring the resilience of the world’s largest cryptocurrency amid escalating tensions in the Middle East.
The No. 1 cryptocurrency (BTCUSD) was surging 7.5% on Wednesday to trade at around $73,421, its highest level since Feb. 9, according to FactSet data.
Bitcoin briefly topped $70,000 on Monday, reaching an intraday high of $70,056, but it failed to hold above that milestone, according to FactSet data.
The rally in bitcoin was also buoying shares of crypto-related companies on Wednesday, with Strategy (MSTR), formerly MicroStrategy, up 11.1% and Coinbase (COIN) up about 15.1%. Coinbase has been the best performer on the large-cap S&P 500 index on Wednesday, according to FactSet data.
The rally also comes as oil prices were retreating after President Donald Trump said the U.S. will escort tankers through the Strait of Hormuz and provide them with risk insurance. Brent crude (BRN00), the international benchmark, was falling 0.7% to trade at $80.86 a barrel, while West Texas Intermediate crude (CL.1) was down 0.9%, at $73.86 per barrel.
Despite the gains, bitcoin has still fallen 16.7% so far in 2026, according to FactSet data.
“The breakthrough came after a four-week period in which bitcoin traded sideways, consolidating after hitting a 16-month low just above $60,000,” said David Morrison, senior market analyst at Trade Nation.
The big question now is whether the crypto can build on these gains, he said, which would mean that it “must hold above $70,000 on any future pullback.”
“There’s still the danger that this could prove to be a false breakout, so it’s time to exercise some caution,” he told MarketWatch in emailed commentary on Wednesday.
In February, bitcoin experienced a fifth consecutive month of declines as investors moved away from riskier assets amid uncertainty over Trump’s tariffs. February was the worst month for bitcoin since June 2022, with the price falling to around $62,000.
The pioneering crypto’s sharp reversal signals an increasing appetite for risk, with interest in traditional safe-haven assets wavering.
U.S. Treasury prices BX:TMUBMUSD10Y have dropped amid the geopolitical uncertainty and expectations of its impact on economies worldwide, while reduced chances of the Federal Reserve cutting interest rates this year have sent yields upwards.
U.S. stocks were bouncing back on Wednesday. The tech-heavy Nasdaq Composite Index COMP was surging 1.4%, while the S&P 500 SPX was up 0.8% and the Dow Jones Industrial Average DJIA was rising 0.6%, according to FactSet data.
-Nora Redmond -Isabel Wang
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03-04-26 1216ET
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