Between 08:30 and 08:45 (UTC) on March 4, 2026, BTC recorded a +0.83% return, with a price range of 69,305.8 to 69,914.2 USDT, and an amplitude of 0.88%. In a short period, market attention significantly increased, trading volume expanded compared to usual, reflecting rapid capital flow and heightened volatility.
The main drivers of this movement were partial short covering and concentrated liquidation of leveraged positions. Previously, after BTC tested a key support level, short positions were forced to cover and buy, pushing the price higher. Meanwhile, on-chain large transfers and average transaction amounts increased noticeably, indicating active participation by institutions and large investors, combined with technical oversold recovery, creating strong upward momentum.
Additionally, the outflow pressure of ETF-related funds temporarily eased, coupled with optimistic sentiment about policy benefits (such as the expected passing of the CLARITY Act), prompting some funds to position early. The fear and greed index dropped to a historic low, prompting some investors to buy the dip against the trend. At the same time, active addresses and transaction counts on the chain increased, restoring market participation. On the technical side, the daily RSI fell from extreme oversold levels to neutral, and momentum indicators showed short-term recovery needs. Macroeconomic asset volatility and short-term risk aversion among funds amplified the impact of this movement.
It is important to note that BTC remains in a high-volatility zone, and the short-term rebound faces strong resistance at $72,000. The ETF fund outflow trend has not fully reversed, and market sentiment still risks further deterioration. It is recommended to closely monitor large on-chain fund movements, market sentiment indicators, and key technical support and resistance levels, as short-term volatility risks should not be underestimated. For ongoing market updates and in-depth on-chain data, please follow mainstream market platforms and on-chain monitoring tools.
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