Bitcoin trades near $71K, dips 2% amid geopolitics, ETF flows and rate-cut uncertainty
Synopsis
Bitcoin dipped to around $71,000 on Friday. Geopolitical tensions, ETF flows, and rate cut uncertainty influenced the market. Ethereum and major altcoins like BNB, XRP, and Solana also saw declines. Analysts suggest the market remains cautious, shaped by liquidity and institutional flows. Bitcoin’s recent rise reflects improving short-term sentiment.
Bitcoin traded near the $71,000 mark on Friday, witnessing a dip of 2% in the last one day. This dip has taken place amid geopolitical tension, ETF flows and rate cut uncertainty. The cryptocurrency was trading at $70,896 mark.
In the past 24 hours, Ethereum was down 2.8% to trade at $2,074 level. Among the major altcoins, BNB, XRP, Solana, Dogecoin, Cardano, and Hyperliquid fell over 3% whereas Tron gained 0.15%.
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Crypto TrackerTOP COINS (₹) Tether92 (0.04%)BNB59,027 (-1.71%)XRP128 (-2.05%)Bitcoin6,470,133 (-3.02%)Ethereum189,770 (-3.09%)Vikram Subburaj, CEO, Giottus said this was a week in which geopolitics, ETF flows, and shifting rate-cut expectations all pulled at the market at once. Bitcoin was near $71,213 and had moved within an intraday band of roughly $70,460 to $73,514 leaving the market still below the recent breakout zone near $72,000-$74,000, but comfortably above the first key support cluster around $68,000-$69,000.
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View Details »Subburaj further said that the immediate trigger is the U.S. jobs report on March 6, followed by the March 17-18 FOMC meeting and the February PPI release on March 18. A general feeling is that sticky inflation, stronger labour market signals, and conflict-related oil risks are already pushing markets to price in further Fed easing. That matters for crypto because a higher-for-longer rate backdrop tends to cap risk appetite.
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The global crypto market capitalisation edged down 2% to $2.41 trillion, according to .
Nischal Shetty, Founder, WazirX said Bitcoin is holding steady after the recent rally that lifted the total crypto market capitalization close to $2.5 trillion and the broader move suggests improving market confidence and a gradual return of buying interest across digital assets.
In the past week, Bitcoin and Ethereum rose 4% respectively. Among the major altcoins, BNB, Solana, Tron, and Hyperliquid gained over 4% whereas XRP, Dogecoin, and Cardano fell over 8%.
Bitcoin’s move reflects improving short-term sentiment, largely driven by reduced selling pressure and recovering spot demand, especially from U.S. investors, rather than a clear start to a new bull cycle, said Riya Sehgal, Research Analyst, Delta Exchange.
Sehgal further said that overall, the market is likely to remain cautious, shaped by liquidity, institutional flows, and macro stability.
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What other analysts say
CoinDCX Research Team
The bears restricted the BTC price rally at $73,500 and pushed the prices lower, close to $71,000. This minor pullback has dragged the other altcoins, like Ethereum, XRP, etc., and a few more lower, but they continue to defend their respective support zones. The overall market sentiments continue to remain under fear.
