Bitcoin price pushed back above $71,000 on Wednesday, defying geopolitical jitters tied to escalating Middle East tensions and a spike in global oil prices, as on-chain data suggests selling pressure may be drying up.<\/p>\n
\n Summary<\/span>\n <\/p>\n <\/p>\n According to analysis<\/a> from CryptoQuant, the recent military intervention in Iran sent shockwaves through energy markets, with WTI crude jumping above $75 and Brent topping $82 after successive 6% gains. While the broader macro backdrop remains fragile and the bear market structure technically intact, Bitcoin has shown notable relative strength.<\/p>\n At the time of the CryptoQuant assessment, Bitcoin (BTC<\/a>) was trading near $68,637 and approaching what <\/a>analysts describe as an accumulation zone. A key metric backing that thesis is Exchange Inflow, the amount of BTC transferred<\/a> to exchanges, often a precursor to selling. <\/p>\n Historically, readings below 40,000 BTC have coincided with weak selling pressure and market bottoms, while levels above 90,000 BTC have marked cycle tops.<\/p>\n On March 3, 2026, exchange inflows registered just 28,235 BTC, dramatically lower than prior cycle highs that ranged between 97,587 BTC and 134,619 BTC. The subdued inflow suggests sellers may be<\/a> exhausted, even as global instability persists.<\/p>\n <\/p>\n Based on the attached daily chart, Bitcoin<\/a> is<\/a> currently trading around $71,795 after posting a strong green daily candle, up more than 5%. The move follows a sharp correction from late January highs near $95,000, with price finding a local bottom in early February around the $63,000\u2013$65,000 region.<\/p>\n Since that capitulation-style drop, Bitcoin has been consolidating in a broad range between roughly $65,000 support and $72,000 resistance. The recent breakout attempt above $71,000 puts price back near the upper boundary of this consolidation band.<\/p>\n Immediate resistance now sits around $72,000\u2013$73,000, followed by the heavier supply zone near $78,000\u2013$80,000, where prior breakdown momentum accelerated. On the downside, first support lies at $68,000, with stronger structural support near $65,000. <\/p>\n A loss of that level would reopen the path toward the February low near $63,000.<\/p>\n Volume has picked up modestly on the recent rebound, though it remains below the spike seen during the early February sell-off. <\/p>\n Meanwhile, the Balance of Power indicator has turned positive, currently reading around 0.77, signaling buyers are gaining short-term control after weeks of sideways churn.<\/p>\n While the broader macro picture remains uncertain, Bitcoin\u2019s ability to rally through geopolitical stress, combined with low exchange inflows, suggests the market may be transitioning from distribution to early-stage accumulation. <\/p>\n A decisive daily close above the $72,000\u2013$73,000 zone would strengthen the case for a broader recovery attempt.<\/p>\n <\/p><\/div>\n\n
Bitcoin seller exhaustion? Exchange flows fall to near-cycle lows<\/h2>\n
Bitcoin price action and key levels<\/strong><\/h2>\n
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