Bitcoin price rises above $71k as Middle East tensions fail to trigger new selloff
Bitcoin price retreated above $71,000 on Wednesday, defying geopolitical tensions linked to tensions in the Middle East and rising global oil prices, as on-chain data suggested selling pressure may be drying up.
Summary
- Bitcoin rose above $71,000, gaining more than 5% and challenging the high end of its recent consolidation range.
- The exchange’s inflows fell to 28,235 BTC, a level historically associated with reduced selling pressure and possible accumulation phases.
- Technical indicators such as the Balance of Power turning positive suggest that short-term consumer sentiment is strengthening.
Bitcoin trader fatigue? Exchange flows fall to cyclical lows
According to analysis from CryptoQuant, the recent military intervention in Iran sent shockwaves through energy markets, with WTI jumping above $75 and Brent reaching $82 after sequential gains of 6%. While the broader backdrop remains fragile and the bear market structure intact, Bitcoin has shown remarkable strength.
At the time of CryptoQuant’s analysis, Bitcoin (BTC) was trading near $68,637 and approaching what analysts describe as an accumulation point. A key metric underlying this thesis is Exchange Inflow, the amount of BTC transferred to an exchange, which is usually a precursor to a sale.
Historically, readings below 40,000 BTC have coincided with weak selling pressure and market bottoms, while levels above 90,000 BTC have marked cycle peaks.
On March 3, 2026, the exchange’s revenue registered just 28,235 BTC, much lower than that of the previous cycle which was between 97,587 BTC and 134,619 BTC. The weak entry suggests that traders may be losing momentum, even if global volatility continues.
Bitcoin price action and key levels
Based on the attached daily chart, Bitcoin is currently trading around $71,795 after posting a strong daily green candle, which is up more than 5%. This move follows a sharp correction from the end of January high near $95,000, while the price finds a local decline in early February around the $63,000–$65,000 area.
Since that capitulation-style decline, Bitcoin has been covering a range between support around $65,000 and resistance at $72,000. A recent breakout attempt above $71,000 brings the price back closer to the upper boundary of this consolidation band.
Immediate resistance now sits around $72,000–$73,000, followed by a heavy supply zone near $78,000–$80,000, where the previous bearish momentum accelerated. On the downside, initial support is at $68,000, with strong structural support near $65,000.
A loss of that level would reopen the path towards the February lows near $63,000.
Volume has grown modestly in the recent rebound, although it remains below the spike seen in early February.
Meanwhile, the Balance of Power indicator has turned positive, currently reading around 0.77, indicating buyers are gaining temporary control after weeks of sideways churn.
While the broader picture remains uncertain, Bitcoin’s ability to absorb geopolitical pressure, combined with low exchange penetration, suggests the market may be shifting from distribution to early accumulation.
A decisive daily close above the $72,000–$73,000 area will strengthen the case for a broader recovery effort.
