The expert named the reasons for the growth of bitcoin above $ 70 thousand.

Bitcoin has once again emerged as a temporary alternative to traditional risk assets amid declining stock indexes in Southeast Asia and the Middle East, as well as increased geopolitical tensions. Alexander Schneiderman, Head of Alfa-Forex's Customer Support and Sales department, told Izvestia about this on March 4.

According to him, against the background of investors avoiding risk, part of the capital could be redistributed into cryptocurrency, which market participants consider as a protective tool during periods of increased turbulence. Additional support for demand, according to his assessment, continues to be provided by inflows of funds into bitcoin spot exchange-traded funds (BTC-ETFs), which helps the asset to hold positions even against the background of stock market sales and high volatility.

"A confident breakdown of the resistance zone around $70,000 triggered short position liquidations and forced purchases, which increased momentum and allowed the BTC/USDT pair to rise to $71,500. At the same time, the level of $70 thousand. it is not the key in itself," the expert said.

Since the beginning of February, the bitcoin price has remained in a wide sideways range, and to confirm steady growth, buyers need to gain a foothold above the $72.2 thousand mark.

If this milestone is not overcome, there is a possibility of a quick return of quotes to the level of about $ 67,500, which is in the middle of the current range. In the case of a steady consolidation above $ 72.2 thousand, the immediate target for further growth, according to the expert, may be the area of $ 75.5 thousand.

One bottom: is it worth buying Bitcoin, which has started to grow

And how is the collapse of the cryptocurrency in early 2026 radically different from the previous ones?

On March 2, Alexander Baryshnikov, the manager of the Mining fund at Record Capital Management Company, told Izvestia that Iran's attacks on American bases in the Middle East had increased uncertainty and put pressure on risky assets. Stock index futures lost more than 1%, and investors began actively redistributing funds into defensive instruments, including gold and oil. Bitcoin ended the week down just 2.76%.

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