Key Takeaways
- Bitcoin retests $70K but struggles to hold gains
- US PMI data sparks short-term crypto rebound
- ETF inflows support BTC amid global tensions
- On-chain data still signals bear market phase
- Analysts warn of potential bull trap scenario
Bitcoin retested $70,000 this week before pulling back to $68,306. The move followed stronger-than-expected US manufacturing data. However, on-chain indicators still point to a bear market backdrop.
BTC traded within a tight $64,000 to $70,000 range throughout the week. Spot Bitcoin ETF inflows and regulatory progress supported sentiment. Meanwhile, rising geopolitical tensions added uncertainty to global markets.
The US dollar index climbed to 98.72 amid inflation concerns. Escalating tensions between the United States and Iran pressured risk assets. As a result, traders assessed whether the rebound marks a bottom or a temporary rally.
Bitcoin Holds Range as Macro Data Drives Momentum
Bitcoin currently trades at $68,306 after briefly touching $70,000. The rally followed the latest US ISM Manufacturing PMI release. The index came in at 52.4 for February 2026, beating expectations of 51.8.
Although the reading slipped from January’s 52.6, it signaled continued expansion. New orders increased at a slower pace due to tariffs and elevated costs. Nevertheless, markets reacted positively to the stronger data.
Crypto-related stocks advanced sharply during the session. Strategy, Marathon Digital, Coinbase, and Robinhood gained between 5% and 7%. Circle jumped 15%, while Bitmine rose 7.48% to close at $20.40.
ETF inflows also strengthened short-term sentiment. Rising institutional participation supported spot demand for Bitcoin. However, derivatives data showed that futures activity remained subdued.
Trading volume stayed elevated as market participants awaited new economic reports. The ISM Services PMI and Nonfarm Payrolls data could influence rate expectations. Consequently, Bitcoin remains sensitive to macroeconomic signals.
Ethereum Follows Bitcoin Higher Amid Sector Rebound
Ethereum traded at $1,952, posting moderate gains during the broader rally. The asset moved in line with Bitcoin after the PMI data release. Improved risk appetite lifted large-cap digital assets across the board.
Ethereum benefited from stronger spot market activity. Additionally, ETF-related flows supported sentiment around major cryptocurrencies. Yet, derivatives positioning reflected restrained leverage in the market.
On-chain activity showed signs of stabilization. Network usage and transaction metrics improved compared to prior weeks. Even so, broader cycle indicators still suggested structural weakness.
CryptoQuant’s Bull-Bear Market Cycle Indicator remained below zero. The reading also stayed under its 365-day moving average. This configuration historically aligns with bear market conditions.
Market analysts compared current conditions to early 2022. During that period, Bitcoin rallied sharply after geopolitical shocks. However, prices later resumed their broader correction.
Bitcoin’s retest of $70,000 reignited optimism across the sector. Yet, on-chain indicators and macro risks temper expectations. For now, the crypto market remains in a correction within a fragile environment.
Market pumped yesterday and majority of traders started calling 72k and 80k for $BTC
While OI (Open Interest) was expanding aggressively there was heavy absorption at the highs $BTC swept pwH liquidity…expecting a sweep of this level again for round 2 short
Also, we had large… pic.twitter.com/aDtaeZzI6h— Simbaland (@PipsAlpha) March 3, 2026
Tomi’s Daily BTC Thread:
$BTC consolidating ~$68.5k–$69k after yesterday’s +5–6% bounce from $65k lows. Hit $70k+ resistance but rejected hard – shorts squeezed, but macro caution lingers. Breakout or more chop? Dive in 🧵👇 pic.twitter.com/83fJbWkNhz— Tomi Point (@tomipoint) March 3, 2026