Market Analysts See Bitcoin ‘Crazy Rally’ As It Reaches $70,000

Bitcoin has returned to key psychological price levels as markets bounce back amid continued tensions in the Middle East.

According to TradingView, the price of Bitcoin reached $70,125 at the end of Monday’s trading on Coinbase.

However, it hit resistance there, as it did on February 25, and retreated slightly to trade at $68,000 at the time of writing in Tuesday morning’s Asian trading session. On Tuesday, crypto analyst ‘Bull Theory’ observed that there were “crazy swings in the markets”.

“Just 24 hours ago, when US futures opened on Sunday night, we saw intense panic,” they said. U.S. stock markets and crypto markets rallied strongly, they observed before adding:

“Markets don’t hate bad news; they hate uncertainty. Khamenei’s death didn’t create chaos; it removed uncertainty, and the market immediately priced it in.”

Wikipedia Bucks War Trending Panic

“Traditional ‘risk-on’ books say Bitcoin should be dumped now,” said Macro outlet Milk Road. “If BTC can maintain this distinction from risk assets amid sustained geopolitical pressure, the ‘digital gold’ argument will find itself a new windfall.”

“We understand that war headlines are making investors nervous, but we expect stocks to move higher in March,” Fundstrat’s Tom Lee said on Monday.

“This is exactly what happened in 2022 when Russia invaded Ukraine,” said the CrediBull Crypto analyst.

They added that the day of the attack marked a local bottom after months of labor, “and we spent a month going up 40% before continuing to go back down.”

“People’s first instinct during such events is to panic and sell, both of which would prompt you to sell the local bottom.”

Meanwhile, CryptoQuant analyst ‘Moreno’ said, “Selling pressure from recent buyers is easing. Panic is being replaced by patience, or at least exhaustion.”

“Despite the recent geopolitical upheaval involving Iran, the kind of event that historically triggers reactive selling, the data shows that exchange inflows from short holders have not seen a significant increase.”

There was no gain from panic, loss aversion, or reactive behavior from this typically incident-sensitive group,” he said.

Santiment reported that as the markets rallied, social data showed that “there was a huge surge in positive sentiment as the price of Bitcoin threatened to drop below $65,000.”

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“Talks are currently heavily invested in the Iran, Israel and US conflicts, so expect volatile movement based on any significant updates on developments.”

📈 As the markets rallied today, social data showed that positive sentiment was on the rise as the price of Bitcoin threatened to fall below $65k. In the next 2 hours and 20 minutes $BTC rose +7% to $69.9k before hitting $70k resistance… pic.twitter.com/B3lWwtqABz

— Sentiment (@santimentfeed) March 2, 2026

Crypto market outlook

The crypto market capitalization increased by 2.6% on the day and reached $2.42 trillion at the time of writing. The move was largely driven by Bitcoin, but Ether also recovered the $2,000 level and remains just above it at the time of writing.

Altcoin gains have been minimal compared to the top two digital assets.