Bitcoin continued to demonstrate resilience despite ongoing geopolitical tensions, trading slightly above $70,000 after gaining about 4 percent over the past 24 hours.
The digital asset managed to withstand weeks of uncertainty linked to the conflict involving the United States and Israel against Iran. According to analyst Markus Thielen, Bitcoin’s ability to hold its ground during this period could be a bullish signal that supports a potential rise toward the $70,000 to $80,000 range.
Bitcoin Absorbs Market Pressure
In a March 10 research note for Matrixport, Thielen explained that Bitcoin has mostly traded sideways since early February despite several economic and geopolitical challenges.
During this period, markets faced weaker employment data in the United States, a sell off in South Korean equities, and a sharp rise in oil prices over the weekend.
Even with these pressures, Bitcoin only briefly declined toward the $66,000 level before finding support. This occurred while oil prices temporarily surged to about $120 amid fears that Iran might close the Strait of Hormuz.
Thielen suggested that as financial markets gradually move past concerns surrounding the conflict, Bitcoin may begin to ignore geopolitical developments and focus on broader market conditions. This shift could help push the asset into a higher trading range.
The broader news cycle has also supported improving market sentiment. Reports on March 9 indicated that US President Donald Trump suggested the war was largely complete. Following those remarks, oil prices dropped below $90 per barrel, gold climbed to $5,140 per ounce, and the S&P 500 rose above the 6,800 level.
Bitcoin also responded positively, climbing to around $69,600 before stabilizing near $69,000 that same day. Recent market data shows the asset trading within a 24 hour range between about $67,000 and $71,200, with the current price slightly above $70,500.
Over the past week Bitcoin has gained around 3 percent and has risen more than 10 percent in the last two weeks. However, the asset remains about 15 percent lower compared with a year ago and is still more than 44 percent below its all time high of about $126,000 recorded in October 2025.
Deleveraging Could Support the Next Upward Move
Market analysts are paying close attention to the current structure because of the significant reduction in leverage across the market.
Research from CryptoQuant highlighted that Bitcoin’s Estimated Leverage Ratio on Binance declined from 0.198 to 0.152 since February as Bitcoin’s price fell from about $96,000 to near $69,000.
Lower leverage typically reduces systemic risk within the market and can help stabilize price action before a new directional trend develops.
At the same time, the futures market appears to be dominated by short positions. Data from Binance Research shows that open interest has increased by roughly 18 percent since late February, rising from below $30 billion. Meanwhile funding rates have remained low or slightly negative.
This situation suggests that a significant portion of current futures positions are betting against the price. If Bitcoin begins to move higher, a wave of forced short liquidations could accelerate the rally.#crypto #cryptonews https://t.me/coinsignalpublic https://coinsignals.net
