March 4 News: The ongoing geopolitical tensions in the Middle East continue to escalate, leading to a clear risk-averse sentiment in Asian financial markets. During Wednesday’s Asian trading session, many stock markets declined sharply, while the cryptocurrency market showed mixed performance. Bitcoin remained relatively stable amid sharp fluctuations, but mainstream altcoins like Ethereum and Solana experienced pullbacks.
Market data shows that Bitcoin briefly fell to around $67,600, currently trading at $67,612, down about 0.7% in 24 hours, but still up approximately 3.4% over the past week. Since the sharp decline in early February, Bitcoin has briefly fallen below the $70,000 mark three times, but buying interest continues to emerge in key zones, keeping it within a medium-term consolidation range. Market focus is on whether Bitcoin can regain the $70,000 level and the continued inflow of institutional funds into Bitcoin ETFs.
In contrast, Ethereum’s performance appears somewhat weaker. ETH is currently at $1,957, down about 2.2% today, but still up around 2.6% over the past week. Solana has fallen back to $85.16, with a weekly decline of 4.2%, making it one of the weakest major blockchain assets recently. Meanwhile, Dogecoin and Cardano declined more significantly, dropping 2.9% and 4.2% respectively over 24 hours, reflecting a shrinking risk appetite in the market.
Wojciech Kaszycki, Chief Strategy Officer at BTCS SA, stated that Bitcoin’s recent movement resembles a typical consolidation and rebuilding phase. The large sell-off over the weekend was mainly due to forced liquidations and liquidity shortages. Once selling pressure eases, prices tend to rebound quickly. He noted that after Bitcoin reclaims the $70,000 level, the key indicator to watch is whether institutional inflows into Bitcoin ETFs remain stable, rather than short-term gains.
On the technical side, Alex Kuptsikevich, Chief Analyst at FxPro, believes Bitcoin faces resistance near the upper boundary of its current channel. If the price cannot effectively break through the upper trendline, there is a possibility of a pullback to around $63,000.
The macro environment also exerts pressure on risk assets. Due to the Iran situation, Asian stock markets generally declined, with South Korea’s market experiencing its largest two-day drop since 2008. The MSCI Asia Pacific Tech Index fell about 4%, dragging down markets in Japan, South Korea, and Taiwan. Meanwhile, safe-haven assets strengthened significantly, with gold prices rising and silver following suit.
Uncertainty in the energy market remains a major macro risk. Although U.S. President Trump proposed providing insurance guarantees for oil tankers and plans to escort ships through the Strait of Hormuz, details have not yet been released. If shipping disruptions persist, energy prices could rise, boosting inflation expectations and delaying the global rate-cut cycle, which could further pressure risk markets including cryptocurrencies.
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