Key Takeaways
- Bitcoin broke through the $73,000 barrier, fluctuating between $72,500 and $73,187 throughout Thursday’s session
- Spot Bitcoin ETFs in the United States recorded $155M in net flows on Wednesday, part of a $1.47B two-week accumulation
- Trading legend Peter Brandt indicated the current market structure might represent a reversal from the October high
- BTC has delivered over 10% gains since Iranian military actions, while gold dropped roughly 2% during the same window
- Glassnode on-chain metrics suggest caution: approximately 57% of circulating BTC remains profitable at current levels
Bitcoin has successfully reclaimed the $70,000 level this week, touching an intraday peak of $73,544 during Asian market hours before settling near $72,500 by Thursday morning in London.
This upward momentum comes amid a broader recovery across risk assets following market volatility triggered by coordinated U.S. and Israeli military operations targeting Iran over the weekend.
The digital asset posted an 8% gain during Wednesday’s U.S. trading session, though it gave back 1.8% on Thursday. Meanwhile, South Korea’s Kospi index surged 11% and Japan’s Nikkei climbed 4.2% on the same day, indicating a widespread market rally.
Bitcoin’s Coinbase premium metric — which had dipped into negative territory on Sunday — has now flipped positive. Market analyst Ted Pillows observed it hitting its strongest level since October 2025, suggesting renewed demand from U.S. market participants.
“We’re seeing bullish sentiment make a comeback in cryptocurrency markets,” stated Caroline Mauron, co-founder of Orbit Markets.
From the day preceding the Iranian strikes, Bitcoin has appreciated more than 10%. During the identical timeframe, gold declined nearly 2%. This marks a departure from recent patterns, where gold consistently reached new all-time highs as Bitcoin retreated.
Bitcoin ETF Capital Inflows Continue Strong Run
U.S. spot Bitcoin exchange-traded funds captured approximately $155 million in net positive flows on Wednesday. This continues a fourteen-day run that has accumulated roughly $1.47 billion in fresh capital, based on figures from SoSoValue.
March alone has witnessed more than $1.1 billion flowing into U.S. Bitcoin ETF products, including a remarkable $462 million single-day influx, according to Bloomberg intelligence.
Bitfinex researchers have cautioned that ETF inflows don’t necessarily correlate one-to-one with immediate spot market purchases, since authorized participants may establish ETF positions before actually acquiring the underlying Bitcoin holdings.
Legendary Trader Peter Brandt Changes Stance
Seasoned market veteran Peter Brandt, who had held a bearish position since the October peak around $127,500, shared on X this week that present market conditions might represent “the significant change of price behavior since the top in Oct.”
Bitmine executive chairman Tom Lee responded to Brandt’s assessment, characterizing it as a “potential inflection/change Bitcoin” development.
Market commentator Milk Road highlighted $225.2 million in ETF inflows on one trading day followed by $458.2 million the previous day — totaling nearly $700 million across 48 hours — suggesting this volume could materially impact supply-demand equilibrium.
Key resistance zones are positioned between $75,000 and $78,000. Critical support levels are established at $65,000 and $60,000.
Despite the positive price action, Glassnode analytics reveal that only approximately 57% of Bitcoin supply currently sits above breakeven — a threshold historically associated with early-stage bear market territory. The average cost basis of recent buyers hovering near $70,000 could function as overhead resistance, potentially converting rallies into selling opportunities.
U.S. Treasury Secretary Scott Bessent announced that a 15% worldwide tariff rate is expected to take effect this week, which may create headwinds for financial markets.
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