Bitcoin Holds $66,000 as Market Braces for March Rebound
Key Takeaways
- Tom Lee sees March rebound for crypto and US stocks
- Bitcoin trades at $66K despite Middle East tension
- Ethereum holds near $1,950 as BitMine keeps buying
- Oil jumps 13% while US futures slip lower
- Lee links gold strength to broader market shift
Bitcoin trades at $66,000 after rebounding from weekend lows near $63,000. The asset has gained over 5% from its recent dip. Tom Lee expects a broader market recovery in March despite geopolitical pressure.
He shared his outlook during a recent CNBC interview. Lee stated that March could mark a turnaround month for risk assets. He added that economic growth remains intact despite current fears.
Tensions in the Middle East triggered sharp weekend volatility. Military strikes targeting Iran’s Supreme Leader sparked retaliatory action. Consequently, markets reacted with swift liquidations and price swings.
Data shows that long liquidations reached nearly $300 million. However, the broader market absorbed the shock without extended panic. Therefore, Bitcoin stabilized quickly above key support levels.
Meanwhile, oil prices jumped 13% to $82 per barrel. This level marks the highest price since July 2024. Rising energy costs added pressure to global equity markets.
US equity index futures declined following the developments. The S&P 500 futures fell 1%, while Nasdaq 100 futures dropped 1.5%. Even so, Lee believes the worst selling could occur this week.
This article was originally published as Bitcoin Holds $66,000 as Market Braces for March Rebound on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.
Source:
Bitcoin Holds $66,000 as Market Braces for March Rebound
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