Bitcoin fails to hold above $70,000

Bitcoin’s brief run above $70,000 fades as analysts warn of deeper losses.

Bitcoin’s sprint above $70,000 quickly fizzled, and analysts warned of scope for a deeper pullback.

On March 4 bitcoin abruptly jumped to just shy of $72,000. In subsequent trade the price briefly topped $74,000 for the first time in a month.

By the evening of March 6 the asset was range-bound around $68,000. Over the past 24 hours the bellwether fell 4.1%, while Ethereum slid more than 5% and settled below $2,000.

Total market capitalisation fell 3.4% — to about ~$2.4 trillion.

Analysts cited macroeconomic forces as the main cause of bitcoin’s pullback. A statement by US President Donald Trump ruling out any chance of a negotiated settlement with Iran sparked a jump in oil prices and a stronger dollar index, pressuring risk assets such as big-tech shares and cryptocurrencies.

A potential rise in fuel costs fanned inflation fears and dimmed hopes for a rate cut by the Fed. At the time of writing, fewer than 4% of market participants think the central bank will do so at its next meeting on 18 March. A week earlier the share of optimists was twice as high.

Selling pressure

A CryptoQuant analyst known as Darkfost noted profit-taking by short-term holders of bitcoin (STH) after the price hit $74,000.

STH Selling Pressure Emerges Despite BTC Recovery

“Over the past 24 hours, STHs have sent more than 27,000 BTC in profit to exchanges, which ranks among the highest levels observed in recent months.” – By @Darkfost_Coc pic.twitter.com/0gsKZM6LT3

— CryptoQuant.com (@cryptoquant_com) March 6, 2026

Over 24 hours this cohort sent 27,000 BTC to exchanges, one of the highest readings in recent months. Their realised price is around $68,000. 

“The current news flow and macroeconomic forecasts remain quite negative in the short term, which makes such behaviour relatively understandable and, in this case, fairly rational. At the moment it points to seller pressure worth watching, as STHs are not yet ready to hold their positions for longer,” Darkfost noted. 

According to Santiment, whales (balances of 10–10,000 BTC) sold around 66% after bitcoin cleared $70,000, locking in profits.

Smaller investors (up to 0.1 BTC), by contrast, began adding on the pullback from the highs.

“When retail traders are buying and large players are selling, it usually signals that the correction is not over,” Santiment warned.

Is the four-year cycle at work?

Bitcoin is in the deepest phase of a bear market and conditions could worsen, CoinDesk quoted ZX Squared Capital founder C.K. Zheng as saying.

“We expect a further 30% price decline during 2026, as the war with Iran has begun,” the expert said.

He cited cycles linked to halvings as a key catalyst for continued correction. Historically, the price peaked 12–18 months after each halving of the block reward, followed by roughly a year of prolonged declines.

In April 2024 bitcoin underwent its fourth halving. Eighteen months later — in October 2025 — it registered an all-time high above $126,000. 

“The momentum of the ‘four-year crypto cycle’ is building, and it is extremely hard to break because of the psychological behaviour of individual investors,” Zheng said.

In his view, bitcoin still trades like a speculative asset and has yet to become a “safe haven” akin to gold. He also urged against overstating the level of institutional adoption.

“The total size of crypto ETFs and firms managing digital assets is about 10% of the entire market. Some DAT may be forced to sell cryptocurrency to meet debt-service obligations under current conditions, which could create a vicious circle,” Zheng warned.

Earlier, CryptoQuant said bitcoin’s rise to $74,000 was a fleeting bounce rather than the start of a new bull market.