Gold surged above $5,700 as equities remained mixed, highlighting crypto’s continued alignment with risk assets rather than safe-haven flows.
The crypto market traded steadily today after a brief recovery ahead of the daily close. Total market capitalisation rebounded from local lows near $2.26 trillion to reclaim $2.34 trillion, signalling renewed buying interest rather than aggressive profit-taking.
Bitcoin price moved above its recent consolidation range around $67,000 and briefly approached the $70,000 mark, while Ethereum continued to hold firmly above $2,000 — indicating relative strength across large-cap assets.
Despite volatility in traditional markets and ongoing geopolitical tensions, crypto prices have largely remained within structured ranges. The absence of sharp liquidation cascades suggests participants are positioning cautiously rather than reacting impulsively. For now, price action reflects consolidation — not panic.
Bitcoin is up 1.9% from early trading levels, rising from local lows near $65,300 to $68,309. The move was supported by a 43% surge in spot volume to $54.84 billion, reflecting stronger participation. Perpetual futures open interest also climbed 9.19%, signaling fresh leverage entering the market.
Despite the recovery, BTC continues to face strong resistance at $70,000 — a level that has capped upside for more than a month. Until this barrier is cleared decisively, the move appears to be a range rebound rather than a confirmed breakout.
As seen on the chart, Bitcoin remains confined between resistance near $70,000 and support around $62,000. The RSI is hovering in neutral territory, neither overbought nor oversold, reinforcing the ongoing consolidation. A close above $70,000 or below $62,000 could trigger a volatility expansion, but for now, price action remains range-bound.
As Bitcoin showed signs of strength, altcoins attempted a recovery, led by Ethereum. ETH briefly reclaimed the $2,000 level before slipping back toward $1,990, which weighed on other large-cap tokens. XRP trades near $1.36, Solana has dropped below $86, and Dogecoin is hovering around $0.091. Meanwhile, Cardano re-entered the top 10 by market cap after flipping Bitcoin Cash, though it remains capped near $0.27.
Among the day’s top gainers, NEAR Protocol advanced 5.21%, followed by LayerZero at 4.13%, while Memecore, Hyperliquid, and Morpho posted gains of over 2% each. On the downside, Pippin declined 9.73%, with Decred and Canton down more than 6%. Toncoin, Pepe, Kite, and Zcash also slipped by more than 5%.
The Crypto Fear & Greed Index has climbed to 20, improving from extreme fear to fear, suggesting sentiment is stabilizing but remains cautious.
Traditional safe-haven assets continued to attract capital as geopolitical risk persisted. Gold has climbed above $5,700 per ounce, reflecting sustained defensive positioning alongside rising inflation concerns. Spot silver has also recovered near $90 per ounce, showing renewed interest after recent volatility.
In contrast, U.S. stock markets showed mixed performance. On March 2, the Nasdaq Composite advanced about +0.4% to ~22,749, and the S&P 500 edged up roughly +0.1%, despite earlier intraday weakness, as investors oscillated between risk appetite and caution.
This divergence highlights how different asset classes are reacting: crypto and equities continue to behave more like risk assets, influenced by liquidity and sentiment, while gold and silver act as traditional hedges. The current correlation suggests that broader market sentiment, particularly equity market movements, remains a key driver of Bitcoin’s short-term direction.
Bullish Scenario: If Bitcoin manages a decisive close above the $70,000 resistance, short-term momentum could accelerate toward the next liquidity zone above the range. Rising spot volume and increasing open interest suggest traders are positioning for expansion. A continued rebound in equities may further support upside attempts.
Bearish Scenario: Failure to reclaim $70,000 could reinforce the ongoing range structure. If BTC slips below the $62,000 support, downside volatility may increase, especially with leverage building in derivatives markets. Escalating geopolitical tensions or renewed weakness in equities could add pressure.
For now, the broader structure remains intact. The next decisive move will likely emerge only after either boundary of the current range is broken with conviction.
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