Bitcoin price pushed back above $71,000 on Wednesday, defying geopolitical jitters tied to escalating Middle East tensions and a spike in global oil prices, as on-chain data suggests selling pressure may be drying up.
Summary
- Bitcoin rose above $71,000, gaining over 5% and challenging the upper end of its recent consolidation range.
- Exchange inflows dropped to 28,235 BTC, a level historically linked to reduced selling pressure and potential accumulation phases.
- Technical indicators such as Balance of Power turning positive suggest short-term buyer momentum is strengthening.
Bitcoin seller exhaustion? Exchange flows fall to near-cycle lows
According to analysis from CryptoQuant, the recent military intervention in Iran sent shockwaves through energy markets, with WTI crude jumping above $75 and Brent topping $82 after successive 6% gains. While the broader macro backdrop remains fragile and the bear market structure technically intact, Bitcoin has shown notable relative strength.
At the time of the CryptoQuant assessment, Bitcoin (BTC) was trading near $68,637 and approaching what analysts describe as an accumulation zone. A key metric backing that thesis is Exchange Inflow, the amount of BTC transferred to exchanges, often a precursor to selling.
Historically, readings below 40,000 BTC have coincided with weak selling pressure and market bottoms, while levels above 90,000 BTC have marked cycle tops.
On March 3, 2026, exchange inflows registered just 28,235 BTC, dramatically lower than prior cycle highs that ranged between 97,587 BTC and 134,619 BTC. The subdued inflow suggests sellers may be exhausted, even as global instability persists.
Bitcoin price action and key levels
Based on the attached daily chart, Bitcoin is currently trading around $71,795 after posting a strong green daily candle, up more than 5%. The move follows a sharp correction from late January highs near $95,000, with price finding a local bottom in early February around the $63,000–$65,000 region.
Since that capitulation-style drop, Bitcoin has been consolidating in a broad range between roughly $65,000 support and $72,000 resistance. The recent breakout attempt above $71,000 puts price back near the upper boundary of this consolidation band.
Immediate resistance now sits around $72,000–$73,000, followed by the heavier supply zone near $78,000–$80,000, where prior breakdown momentum accelerated. On the downside, first support lies at $68,000, with stronger structural support near $65,000.
A loss of that level would reopen the path toward the February low near $63,000.
Volume has picked up modestly on the recent rebound, though it remains below the spike seen during the early February sell-off.
Meanwhile, the Balance of Power indicator has turned positive, currently reading around 0.77, signaling buyers are gaining short-term control after weeks of sideways churn.
While the broader macro picture remains uncertain, Bitcoin’s ability to rally through geopolitical stress, combined with low exchange inflows, suggests the market may be transitioning from distribution to early-stage accumulation.
A decisive daily close above the $72,000–$73,000 zone would strengthen the case for a broader recovery attempt.