The BTC price rally returned in the Asian trading session on Wednesday, as Bitcoin attacked the long-term trend line and psychological level.
Bitcoin (BTC) broke above $71,000 on Wednesday as geopolitical tensions fueled ongoing volatility.
Main points:
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Bitcoin price action is making a new low after holding $70,000 since January.
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The analysis sees the end of a major “gathering phase” currently in play.
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Geopolitical nerves focus on oil and the Strait of Hormuz embargo.
Bitcoin suddenly surged 5% after February
Data from TradingView confirmed a 5% gain in BTC price on the day, sending BTC/USD to its highest levels in nearly a month.
Strength suddenly came in during the Asian trading session, when the price broke through key trend lines, including the 200-week exponential moving average (EMA) and the 2021 high at $69,000.
In a comment, Lars Kooistra, known as The Composite Trader on YouTube, looked at the peak of the “extremely broad accumulation schematic”.
“Now it’s time to decide, we have an incredibly broad rally pattern that usually creates two possible scenarios: Aggressively close the high range = looking for buying liquidity. Pull the high range followed by a low break = full bearish retracement to the lows,” he told X followers.
Meanwhile, trader Alan Tardigrad has identified a potential support flip, which includes a downward trend line on the daily chart.
$BTC/daily#Bitcoin after yesterday’s defeat 🔥 is holding above the descending line pic.twitter.com/DWkYGktQzm
– Tardigrade Trader (@TATrader_Alan) March 4, 2026
“The journey to new ATHs for $BTC has begun. Altcoins will dominate,” added trader Mustache, adopting an even more rosy interpretation of recent price action.
“It’s a complete test of the peak in 2021.”
BTC price “strength” on the macro radar
The macro-based outlook was cautious amid uncertainty about how tensions in the Middle East will play out in the future.
related to: ‘This Is Not World War III:’ Five Things to Know in Bitcoin This Week
As Cointelegraph reported, markets were particularly concerned about the fate of oil shipments through the now-closed Strait of Hormuz.
Trading firm QCP Capital predicted in its latest analysis published on Wednesday that “the world is likely to force Iran to reopen the Strait of Hormuz.”
QCP acknowledged that Bitcoin’s new “strength” could signal a reversal of risk sentiment.
“Energy is the input that sustains modern industry and the AI ​​supply chain. When it’s disrupted, the impact on inflation expectations, manufacturing confidence and risk pricing can be seen quickly,” it wrote.
“We expect further volatility in the markets in the coming week, but we see strength in Bitcoin that could be an early sign of wider risk appetite.”
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