The largest cryptocurrency, Bitcoin, is losing about 3% today and has fallen below $71,000. The broader crypto market's declines coincide with today's weaker sentiments in the indices. The yields of 10-year U.S. treasuries have risen in the last three days from around 4.1% to nearly 4.29%. Today's data from the U.S. economy showed that February's PPI inflation rose more strongly than expected, complementing Tuesday's 'hawkish' CPI report, which indicated persistent pressure in services excluding rents.
Today's labor market data turned out to be very solid, with initial jobless claims falling to 209,000 compared to 210,000 previously, and the number of continued claims dropping to a long-unseen 1.8 million. As a result, yields are gaining again, and the bond market is under pressure. The strengthening of the dollar and the rise in risk-free rates are not favorable to risky assets, and it seems that in the next few hours we might observe profit-taking by some ETF funds, which have been intensely accumulating Bitcoin lately; this could happen if Wall Street's weaker moods ahead of tomorrow's 'triple witching day' persist; however, this is still not a confirmed scenario.
Bitcoin (H1 interval)
Bitcoin is testing the simple, exponential moving average SMA100 (black line), which has proved to be a fairly strong support level since the end of February. A plunge below $70,000 could potentially trigger a wave of profit-taking. On the other hand, a rebound towards $73,000 could open the way to new, historic highs.
Source: xStation5
Inflows into ETF funds (data until Friday, March 8) grew, although outflows from Grayscale ETF are clearly continuing.
Source: XTB Research, Bloomberg Finance LP
Daliy Summary: Iran Seeks Truce as Markets Brace for Wednesday
Crypto News ⚡ Bitcoin under Pressure: Will it drop again?
Morning Wrap: Ceasefire Fuels Wall Street Gains, but Political Uncertainty Remains
Bitcoin surges almost 4% to the highest level since the beginning of February 2026
The material on this page does not constitute as financial advice and does not take into account your level of understanding, investment objectives, financial situation or any other particular needs.
All the information provided, including opinions, market research, mathematical results and technical analyses published on the website or transmitted to you by other means is provided for information purposes only and should in no event be interpreted as an offer of, or solicitation for, a transaction in any financial instrument, nor should the information provided be construed as advice of legal or fiscal nature.
Any investment decisions you make shall be based exclusively on your level of understanding, investment objectives, financial situation or any other particular needs. Any decision to act on information published on the website or transmitted to you by other means is entirely at your own risk. You are solely responsible for such decisions.
If you are in doubt or are not sure that you understand a particular product, instrument, service, or transaction, you should seek professional or legal advice before trading.
Investing in OTC Derivatives carries a high degree of risk, as they are leveraged based products and often small movements in the market could lead to much larger movements in the value of your investment and this could work against you or for you. Please ensure that you fully understand the risks involved, taking into account your investments objectives and level of experience, before trading, and if necessary, seek independent advice.
