Key Takeaways
- Bitcoin broke through $73,000 on Thursday, with prices hovering between $72,500 and $73,187
- Spot Bitcoin ETFs in the U.S. recorded $155M in inflows Wednesday, capping a $1.47B two-week rally
- Legendary trader Peter Brandt suggests the current price movement could indicate a trend shift from October’s high
- BTC has gained more than 10% since Iran strikes while gold dropped nearly 2% in the same timeframe
- Glassnode’s on-chain metrics show caution: approximately 57% of circulating BTC remains profitable
The world’s largest cryptocurrency has reclaimed the $70,000 level this week, peaking at $73,544 during Asian market hours before moderating to roughly $72,500 by Thursday morning in London.
This rally comes as risk assets recover following turbulence triggered by coordinated U.S. and Israeli military operations against Iran over the weekend.
BTC posted an 8% gain during Wednesday’s U.S. trading session before retreating 1.8% Thursday. Meanwhile, South Korea’s Kospi index surged 11% and Japan’s Nikkei climbed 4.2% the same day, reflecting broader market optimism.
The Coinbase premium for Bitcoin — which had turned negative on Sunday — has now flipped positive. Market analyst Ted Pillows observed it hitting its strongest level since October 2025, suggesting renewed buying interest from American investors.
“We’re seeing sentiment shift back toward bullish in the cryptocurrency markets,” commented Caroline Mauron, Orbit Markets co-founder.
From the day preceding the Iran military action, Bitcoin has appreciated over 10%. Conversely, gold declined nearly 2% during the identical timeframe. This marks a departure from recent months when gold consistently reached all-time highs while Bitcoin struggled.
Bitcoin ETFs Continue Strong Inflow Momentum
U.S.-listed spot Bitcoin ETFs attracted approximately $155 million in net inflows on Wednesday. This continues a robust two-week pattern that has accumulated roughly $1.47 billion in fresh capital, based on SoSoValue tracking data.
March has already witnessed over $1.1 billion flowing into U.S. Bitcoin ETF products, with a single-day record of $462 million recorded, according to Bloomberg intelligence.
Bitfinex research team members have cautioned that ETF inflows don’t necessarily correlate one-to-one with immediate spot purchases, since authorized participants may establish ETF shares ahead of acquiring the actual Bitcoin backing them.
Legendary Trader Peter Brandt Changes Stance
Prominent market veteran Peter Brandt, who had held a pessimistic view since Bitcoin peaked near $127,500 in October, shared on X this week that current market structure might represent “the significant change of price behavior since the top in Oct.”
Bitmine’s chairman Tom Lee responded to Brandt’s assessment, describing it as a “potential inflection/change Bitcoin” development.
Market commentator Milk Road highlighted $225.2 million in ETF allocations on one trading day followed by $458.2 million the previous session — totaling nearly $700 million across 48 hours — suggesting this volume could meaningfully impact supply-demand balance.
Key resistance zones are positioned between $75,000 and $78,000. Critical support levels exist at $65,000 and $60,000.
However, Glassnode’s latest analysis reveals that merely 57% of Bitcoin in circulation currently trades above its acquisition price — a threshold the firm historically associates with early bear market phases. Short-term holder cost basis near $70,000 may function as overhead resistance, potentially converting rallies into selling opportunities.
U.S. Treasury Secretary Scott Bessent indicated that a 15% worldwide tariff implementation will probably commence this week, which may create headwinds for financial markets.
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