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Bitcoin movs within a $70,460-$73,514 intraday range, showing that traders are currently in a wait-and-watch mode.
For now, analysts say Bitcoin is consolidating after a strong rally earlier this week.
Bitcoin was trading near $71,200 on March 6, slipping about 2 per cent over the past 24 hours as the cryptocurrency market turned slightly cautious. The world’s largest cryptocurrency moved within a $70,460-$73,514 intraday range, showing that traders are currently in a wait-and-watch mode.
The recent weakness comes after a volatile few weeks for crypto markets. Earlier, Bitcoin had briefly fallen below the $65,000 mark as global risk sentiment weakened during the US-Israel-Iran conflict. The geopolitical tensions triggered a broader sell-off in risk assets before prices stabilised again.
For now, analysts say Bitcoin is consolidating after a strong rally earlier this week.
According to the CoinSwitch Markets Desk, “Bitcoin is trading around $71,000-$72,000, slightly below recent highs after briefly touching the $74,000 level, as the market pauses following a strong rally earlier this week. Ethereum is holding near $2,100-$2,160, while several major altcoins have also moved higher as overall crypto sentiment improves.”
It added that the rally has been supported by strong inflows into US spot Bitcoin ETFs, which recently saw more than $460 million in a single day, signalling renewed institutional demand. However, traders remain cautious as large crypto options worth billions are expiring, which could increase short-term volatility. “For now, $70K is a key support level, while $74K-75K remains the next resistance zone for Bitcoin,” it said.
ETF flows have been an important driver of Bitcoin’s recent momentum. US spot Bitcoin ETFs saw net inflows of about $461.9 million on March 4, led by BlackRock’s IBIT fund, which alone attracted more than $300 million. However, some outflows were reported the following day, indicating that institutional demand remains uneven.
Among other major cryptocurrencies, Ethereum traded near $2,070, while BNB was around $644 and XRP near $1.40. Most large altcoins were slightly lower during the day, suggesting that the current rally is still largely Bitcoin-led rather than a broad crypto surge.
Vikram Subburaj, CEO of Giottus, said the market is currently in a consolidation phase. “Bitcoin was trading in the low-$71,000 range on March 6, which was nearly 2 per cent lower over 24 hours. This was a week in which geopolitics, ETF flows, and shifting rate-cut expectations all pulled at the market at once.”
He added that the current structure suggests consolidation rather than a clear breakout. Bitcoin is still below the recent resistance zone of $72,000-$74,000, while the first major support lies near $68,000-$69,000.
Looking ahead, macroeconomic events may play a key role in determining the next move. Markets are closely watching the US jobs data and the upcoming Federal Reserve policy meeting, as interest rate expectations continue to influence risk appetite across global assets, including cryptocurrencies.
For now, analysts say Bitcoin is holding above the crucial $70,000 level, but a decisive breakout above $74,000-$75,000 would be needed to confirm a fresh bullish trend.
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March 06, 2026, 10:29 IST
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