Key Highlights

  • Bitcoin pushed through $73,000, with trading levels between $72,500 and $73,187 on Thursday
  • Spot Bitcoin ETFs in the U.S. attracted $155M on Wednesday, part of a two-week accumulation totaling $1.47B
  • Seasoned analyst Peter Brandt identified price movements that could indicate a shift from the October peak trend
  • Bitcoin delivered stronger performance than gold following Iran strikes, gaining over 10% against gold’s nearly 2% decline
  • Glassnode’s blockchain analysis shows approximately 57% of BTC supply currently sits in profitable territory

Bitcoin has reclaimed territory above $70,000 during this week’s trading, touching a peak of $73,544 in Asian sessions before moderating to approximately $72,500 by Thursday morning in London.

Bitcoin (BTC) Price
Bitcoin (BTC) Price

The rally comes as part of a broader risk asset recovery following market turbulence triggered by U.S. and Israeli military actions against Iran over the weekend.

The digital asset gained 8% during Wednesday’s U.S. trading session, then experienced a 1.8% pullback Thursday. South Korea’s Kospi soared 11% while Japan’s Nikkei advanced 4.2% the same day, indicating widespread market strength.

Bitcoin’s Coinbase premium indicator, which had turned negative on Sunday, has now flipped positive. Analyst Ted Pillows observed it hitting the highest mark since October 2025, suggesting strong demand from American investors.

“Sentiment is turning bullish again in the crypto world,” said Caroline Mauron, co-founder of Orbit Markets.

From the day preceding the Iran strikes, Bitcoin has appreciated more than 10%. Gold declined nearly 2% during the same timeframe. This marks a departure from recent months when gold consistently reached new all-time highs while Bitcoin experienced downward pressure.

Spot ETF Demand Continues Strong Momentum

U.S. spot Bitcoin ETFs recorded approximately $155 million in net positive flows on Wednesday. This continues a two-week pattern that has accumulated roughly $1.47 billion in fresh capital, based on SoSoValue tracking.

March alone has seen investors commit over $1.1 billion to U.S. Bitcoin ETFs, with a single-day record of $462 million, according to Bloomberg’s figures.

Bitfinex analysts have observed that ETF inflows don’t necessarily correspond immediately to spot market purchases, given that authorized participants can establish ETF shares prior to acquiring the actual Bitcoin.

Peter Brandt Identifies Potential Reversal Pattern

Veteran trader Peter Brandt, who had held a bearish stance following October’s approximately $127,500 peak, shared on X this week that current market structure might represent “the significant change of price behavior since the top in Oct.”

Bitmine chairman Tom Lee responded to Brandt’s observation, describing it as a “potential inflection/change Bitcoin” moment.

Analyst Milk Road highlighted $225.2 million in ETF inflows on one trading day plus $458.2 million the previous session — approaching $700 million across 48 hours — suggesting this volume could alter supply equilibrium.

Immediate overhead resistance appears in the $75,000 to $78,000 range. Key support zones remain at $65,000 and $60,000.

Despite the upward momentum, Glassnode data indicates that approximately 57% of Bitcoin supply currently trades above its acquisition cost — a threshold the firm historically associates with early bear market phases. The average purchase price for short-term holders around $70,000 could function as a barrier, potentially transforming price advances into selling opportunities.

U.S. Treasury Secretary Scott Bessent indicated that a 15% global tariff rate will probably commence this week, representing a potential headwind for financial markets.