The rally of the leading cryptocurrency above $70,000 came to a swift end, with experts warning of the potential for a deeper pullback.
On March 4, Bitcoin prices surged close to $72,000. During further movement, the price briefly exceeded $74,000 for the first time in a month.
However, by the evening of March 6, the asset entered a sideways trend around $68,000. In the past 24 hours, the digital gold dropped by 4.1%, while Ethereum fell by over 5%, settling below $2,000.
Source: CoinGecko.
The total market capitalization decreased by 3.4%, bringing it down to approximately $2.4 trillion.
Experts attribute the Bitcoin pullback primarily to macroeconomic factors. A statement from U.S. President Donald Trump, ruling out any chance of resolving the conflict with Iran through negotiations, triggered a spike in oil prices and strengthened the dollar index. This exerted pressure on risk assets like tech stocks and cryptocurrencies.
Concerns about rising fuel prices fueled inflation fears and the potential for a rate cut by the Federal Reserve. As of this writing, less than 4% of market participants believe the central bank will take this step at its upcoming meeting on March 18, down from twice that figure just a week ago.
Source: CME Group.
Sales Pressure
CryptoQuant analyst Darkfost noted profit-taking by short-term Bitcoin holders (STHs) after the price hit $74,000.
STH Selling Pressure Emerges Despite BTC Recovery
— CryptoQuant.com (@cryptoquant_com) March 6, 2026
“Over the past 24 hours, STHs have sent more than 27,000 BTC in profit to exchanges, which ranks among the highest levels observed in recent months.” – By @Darkfost_Coc pic.twitter.com/0gsKZM6LT3
In just one day, this category of investors sent 27,000 BTC to exchanges, marking one of the highest levels in recent months. Their realized price is around $68,000.
“The current flow of news and macroeconomic forecasts remains quite negative in the short term, making such behavior understandable and rational. This indicates selling pressure that should be monitored, as STHs are not yet ready to hold their positions longer,” Darkfost noted.
According to Santiment, whales (holding 10-10,000 BTC) sold about 66% after Bitcoin surpassed $70,000, locking in profits.
In contrast, small investors (holding less than 0.1 BTC) began to increase their positions amid the price pullback.
“When retail traders buy while large players sell, it usually signals that the correction is not over yet,” Santiment warned.
Is the Four-Year Cycle in Play?
The first cryptocurrency is currently in the deepest phase of a bear market, and the situation may worsen. This view was presented by CoinDesk founder Si Kay Zheng of ZX Squared Capital.
“We expect a further price drop of 30% in 2026 as the war with Iran begins,” the expert stated.
He identified halving-related cycles as a key catalyst for Bitcoin's continued correction. Historically, prices peak 12-18 months after each halving event, followed by about a year of prolonged decline.
The fourth Bitcoin halving occurred in April 2024. Eighteen months later, in October 2025, the price reached an all-time high above $126,000.
“The momentum of the ‘four-year crypto cycle’ is gaining strength, and it is extremely difficult to interrupt due to the psychological behavior of individual investors,” Zheng said.
According to him, Bitcoin continues to trade as a speculative asset and has not yet become a “safe haven” like gold. The expert also cautioned against overestimating the level of institutional adoption.
“The total volume of crypto-ETFs and companies managing digital assets accounts for about 10% of the entire market. Some digital asset trusts may be forced to sell cryptocurrency to meet debt servicing requirements under current conditions, which could create a vicious cycle,” Zheng warned.
Recall that CryptoQuant considered the rise of Bitcoin to $74,000 a temporary bounce rather than the start of a new bull market.