Bitcoin worth retests $70,000 for the second time in a week, sparking speculations amongst merchants whether or not BTC is bottoming after a multi-month correction or is it a bear market entice?
BTC is at present shifting in a slender $64K-$70K vary amid tailwinds together with spot Bitcoin ETF inflows, the CLARITY Act progress, and bettering on-chain indicators. However, escalating geopolitical tensions in the Middle East heightened inflation issues and diminished the odds of a Fed charge reduce, with the US greenback index (DXY) leaping to 98.72 on Tuesday.
What Caused Bitcoin Price to Hit $70,000?
Bitcoin, Ethereum, XRP, Solana, and the broader crypto market rebounded instantly after the US ISM Manufacturing PMI information got here in greater than anticipated. It slipped to 52.4 in February 2026 from 52.6 in January, however remained above market expectations of 51.8.
The studying signaled growth in the manufacturing sector for the second consecutive month. New orders continued to extend, however at a sluggish tempo as items producers confronted excessive costs and tariffs.
Crypto stocks like Strategy (MSTR), Marathon Digital (MARA), Coinbase (COIN), and Robinhood (HOOD) surged 5-7%. Moreover, Circle (CRCL) spiked 15% and Bitmine (BMNR) stock closed 7.48% greater at $20.40.
Prices have pulled again, with Bitcoin worth at present buying and selling at $68,306. Trading quantity remained excessive amid uncertainty. Traders are awaiting Wednesday’s US ISM Services PMI and Friday’s Nonfarm Payrolls and unemployment charge information for February.
Safe-haven demand continued to stay amid dangers of additional escalations in the US and Israeli warfare in opposition to Iran. US Secretary of War Pete Hegseth indicated that the U.S. is making ready for a vital ramp-up in assaults on Iran inside the subsequent 24 hours.
U.S. forces have destroyed Islamic Revolutionary Guard Corps command and management services, Iranian air protection capabilities, missile and drone launch websites, and navy airfields throughout sustained operations. We will proceed to take decisive motion in opposition to imminent threats… pic.twitter.com/0aHEyVHf5e
— U.S. Central Command (@CENTCOM) March 3, 2026
Bitcoin Price in Correction Mode and Possible Bear Market Trap, 10x Research Says
10x Research agreed that short-term alternatives are rising. However, it recommends merchants to remain anchored to the information to evaluate threat/reward and keep away from confusion over non permanent Bitcoin price rebounds with lasting regime shifts.
There is a clear distinction between the short-term tactical setup and the medium-term structural backdrop.
10x Research cited Circle stock trading idea, which recorded 55% return in lower than 10 days regardless of the US-Iran warfare. While Bitcoin worth and crypto shares jumped amid lengthy positions opening and spot Bitcoin ETF inflows, technical and on-chain information nonetheless sign a bear market.
Analyst CrediBULL Crypto identified comparable circumstances in 2022 when Russia invaded Ukraine. Many marked the invasion as a native backside after months of correction and Bitcoin worth climbed 40% in a month. However, Bitcoin worth correction continued after it.
On-Chain Data Signal Bear Market
On-chain analytics agency Glassnode highlighted that Bitcoin worth correction stabilized as momentum and on-chain exercise improved. However, derivatives merchants nonetheless stay cautious and capital flows stay fragile regardless of easing promoting strain.
Spot indicators are rising, futures indicators are declining. Also, choices are softening however holding in average circumstances, and rising ETF indicators level to regular institutional curiosity.
On-chain indicators are stabilising however Bitcoin Bull Score Index and Bitcoin Bull-Bear Market Cycle Indicator by CryptoQuant present bear market circumstances. The indicator beneath 0 and beneath its 365-day shifting common confirms a bear market, with additional expectations of Bitcoin price crash.
