In early March 2026, the price of Bitcoin repeatedly touched or approached the $74,000 mark. For example, on March 5, Bitcoin briefly reached $74,000, then reported $72,647.8; data from the London Stock Exchange Group shows that Bitcoin fell after hitting a high of $74,049.‌‌‌$BTC #山寨季讨论量跌至两年新低 #加密市场回调 #美国初请失业金人数逊预期

Significant decline:

After reaching a peak, the price showed a clear pullback. By March 7, Bitcoin had fallen below $69,000 after briefly approaching $74,000. Earlier, on March 3, Bitcoin also experienced a pullback after briefly breaking through the $70,000 barrier, with the price dropping to $67,320 during the European morning trading session.‌‌‌

The main reason for the decline

The price decline is not caused by a single factor, but is the result of multiple pressures acting together:

Macroeconomic environment pressure:

Macroeconomic factors such as a stronger dollar, rising oil prices, and changes in interest rate expectations have suppressed the performance of risk assets, including cryptocurrencies. At the same time, the escalation of the geopolitical situation in the Middle East (such as the U.S.-Israel coalition's airstrikes on Iran) has triggered market concerns about the protraction of conflicts, driving funds to accelerate into safe-haven assets, which has dragged down the prices of risk assets like Bitcoin.

Market internal behavior:

When the price approached the high of $74,000, on-chain data showed short-term holders transferred over 27,000 BTC (about $1.8 billion) to exchanges to realize profits, intensifying short-term selling pressure in the market. Analysts also pointed out that after a strong surge in volume, Bitcoin entered a cooling period, and has been oscillating between $65,000 and $70,000 since early February, with any breakout above this range possibly triggering profit-taking.

'Digital gold' narrative questioned:

The recent reaction of Bitcoin to geopolitical shocks has raised some doubts about its narrative logic as a safe-haven asset referred to as 'digital gold.'

Market status and capital flow

Although short-term prices are under pressure, there are still some positive signals in market liquidity: The U.S. spot Bitcoin ETF recorded a net inflow of approximately $787 million last week (as of the report on March 7), marking the first positive turn since mid-January this year, indicating that some institutional funds are refocusing on the crypto market.