Bitcoin tested the level of $ 74,000

On Wednesday, March 4, bitcoin quotes BTC $66,077.48 Mezo Wrapped BTC -1.64% Market capitalization $38.61 million VOL. 24 hours $1.31 billion briefly exceeded $ 74,000 for the first time in a month. At the time of writing, it is trading around $ 72,090, having added 6% overnight. Ethereum rose ETH $2,044.84 Bridged Ether (StarkGate) -1.00% Market capitalization $39.18 million VOL. 24 hours $0.69 billion by 7.5% to $ 2113, testing a local high above $ 2200.

Among the top 50 assets, Dogecoin DOGE $0.09 Binance-Peg Dogecoin -2.67% Market capitalization $0.23 billion VOL. 24 hours $60.65 million (8%, $ 0.09) and Zcash (9%, $ 235) were the leaders of growth. K33 Research analysts remind that the market has experienced a record oversold after five months of decline. According to Coin Bureau co-founder Nick Pakrin, the recovery is supported by institutional demand: since March 2, inflows into spot bitcoin ETFs have exceeded $ 680 million.

The growth of cryptocurrencies was reflected in the shares of specialized companies. Coinbase added 15% ($ 210), Gemini — 34% ($ 8.70), and Galaxy Digital — 18% ($ 24.40). Mining companies Bitfarms, IREN, American Bitcoin, and Hut 8 rose by about 13%.

Despite the positive dynamics, the market remains cautious. The premium on put options exceeded call contracts by 10%, and demand for bullish futures is stagnating. According to Glassnode, 43% of bitcoin supply is at a loss, which may create additional pressure during the recovery. The hash price index fell to $ 30 per 1 TH/s per day, which reduces the profitability of mining.

The key resistance level for BTC is the $ 76,000 zone, the average purchase price of Strategy, which holds more than 720 thousand coins. A breakthrough of this level could give the initiative back to buyers, but for now, the market sentiment index remains in the «extreme fear» zone — 22 points against 10 in early March.