Bitcoin price traded sideways below $69,000 throughout the Asian trading hours ahead of the February CPI release.
Later in the day, the bellwether attempted a decisive breakout above the psychological $70,000 resistance, but the rally fell short around the $71,700 mark as selling pressure intensified.
Overall market sentiment has improved over the past sessions as concerns around geopolitical tensions in the Middle East cooled, with oil prices retreating from recent highs.
The total crypto market cap edged higher today, hovering just below the $2.5 trillion mark at approximately $2.35 trillion.
The crypto fear and greed index was up one point from the previous day, reflecting this slight return of buyer confidence; however, it still remains in Extreme Fear territory with a reading of 15.
Most altcoins, in the meantime, remained range-bound within narrow corridors, with a select few outliers, particularly in the Solana ecosystem, locking in modest gains today as the market awaits further macro clarity.
Why is Bitcoin price stuck?
After a slow start to the week, Bitcoin price started trading rangebound between $68,000 and $72,000 as a mix of conflicting bearish and bullish signals seems to be keeping investors sidelined and cautious.
On one hand, geopolitical de-escalation provided a massive relief rally. Reports surfaced that President Donald Trump hinted his war against Iran was about to end.
In a statement, he said that the war would end soon, noting that the US had achieved most of its goals, including dismantling Iran’s nuclear capabilities.
Additionally, Trump said that the US would waive any oil-related sanctions and have the US military escort ships crossing the Strait of Hormuz.
Bitcoin rebounded sharply on the news, climbing from weekly lows near $67,000 to a peak of $71,500 earlier today.
This move coincided with a strong recovery in equities and a notable drop in crude oil prices, with Brent falling below $90, easing immediate inflation fears.
Asian indices like the Kospi and Nikkei 225 jumped by over 4% in response.
However, the rally lost steam around $71,500 as investors hit a wall of pre-data anxiety.
In terms of technicals, this area became a sticky resistance zone where short-sellers concentrated their orders ahead of the February CPI release.
The rejection saw Bitcoin fall back toward $69,000 before a secondary attempt to reclaim momentum stalled out at the $71,000 mark.
Today, investors are reacting to the CPI data, which came in at 2.4% year-on-year, matching expectations but remaining high enough to stay slightly bearish for Bitcoin in the short term.
This prompted a sell-the-news reaction across risk assets as the market re-evaluated the likelihood of a May rate cut.
As a result, Bitcoin’s late-day rally failed to break past $71,000, confirming that the $70,000 level has flipped back from support to a formidable resistance zone.
Market sentiment has taken another hit after the CLARITY Act effectively stalled in the Senate on March 8.
Lawmakers have instead turned their focus to a new legislative priority, the SAVE America Act, pushing crypto regulation further down the agenda.
Prediction markets have reacted quickly to the development, cutting the probability of the CLARITY Act passing this year to just 18%.
Despite this macro gloom, institutional ETF flows, which recently saw a reversal back to net inflows, managed to provide a critical liquidity floor.
This persistent institutional accumulation suggests that while retail sentiment remains in fear, major players are viewing the $68,000–$70,000 range as a high-conviction accumulation zone.
What’s next for Bitcoin price?
For now, Bitcoin remains trapped in a narrow corridor as the market awaits a definitive catalyst to break the stalemate.
In terms of technicals, the price is compressed between the 50-day Exponential Moving Average (EMA), currently acting as a resistance, and the $68,000 support level serving as a temporary floor.
Traders are keeping a close watch on the $72,000 resistance level; a sustained daily close above this mark would be required to invalidate a Death Cross that has formed on the 3-day timeframe. See below.
$BTC just printed its latest Death Cross on the 3D time-frame and historically the price has dropped by at least -52% every time that has taken place during a Bear Cycle.
Given that it has also tested on two out of three past Bear Cycles the 1.618 Fibonacci extension from the
If the bulls can reclaim this territory, it could trigger a short squeeze toward the $74,000 to $76,000 range, especially if the broader macro situation improves.
On X, some analysts remained cautious about current price action.
According to well-followed trader and analyst Rekt Capital, Bitcoin is less than halfway through its typical bear market timeline, suggesting the market could still face another wave of capitulation before forming a final bottom.
“Retracement-wise, however, Bitcoin has already performed 75% of the downside in its Bear Market correction,” the analyst added.
Meanwhile, fellow analyst Crypto Patel drew attention to a multi-year trend line that has acted as structural support for Bitcoin since 2017.
According to the analyst, Bitcoin has never recorded a high time frame candle close below this ascending support during previous market cycles.
“If this structure holds again, the maximum downside could be around $50,000, before the next move toward the $200,000 target,” the analyst wrote.
At press time, the Bitcoin price was hovering just above $70,000, after falling over 4% on the day.