Overview
- Bitcoin rebounded toward $70,000 before slipping back and is now defending roughly $66,000–$68,000, with the retracement linked to Nasdaq weakness after Nvidia’s earnings.
- U.S. spot Bitcoin ETFs logged a short streak of net inflows, including about $257.7 million on Feb. 24 and roughly $500 million plus on Feb. 25, trimming year‑to‑date outflows to under $2 billion, according to Farside/SoSoValue data and Eric Balchunas.
- Glassnode characterizes the move as a mechanical relief bounce with ongoing negative spot flow bias and weak accumulation, and says a clean break above $70,000–$72,000 would be the first sign of a regime shift.
- Derivatives add event risk with roughly 115,000 BTC options (about $7.5 billion) expiring at month‑end and a reported max‑pain level near $75,000, according to a Wintermute trader.
- Key levels in focus include support near $65,000 and resistance at $70,000–$72,000, while a positive Coinbase Premium Gap suggests tentative U.S. institutional demand even as broader technicals remain cautious.