Bitcoin has traded sideways for weeks near the $66,000 level, refusing to break lower despite mounting geopolitical risks, weaker U.S. employment data, and corrections across global equities, including a sharp drop in Korean stocks.
Markus Thielen’s latest chart shows BTC clinging to the $66,000 support zone even after an explosive weekend rally in oil prices, suggesting the market is starting to look through short-term noise.
📊Today’s #Matrixport Daily Chart – March 10, 2026 ⬇️
Bitcoin Is Refusing to Break — Why a Return to $70K–$80K Is Increasingly Likely#Matrixport #Bitcoin #BTC #Crypto #CryptoMarket #MarketOutlook #TradingRange pic.twitter.com/voMBenRARk
— Matrixport Official (@Matrixport_EN) March 10, 2026
The resilience comes amid rising tensions in the Middle East, yet Bitcoin has only retraced modestly toward the $66,000 floor rather than collapsing further. Thielen sees this as a sign of underlying strength and believes there is a reasonable chance BTC begins to trade better and reclaims the prior $70,000-$80,000 range as markets gradually discount the Iran conflict and related headlines.
Support holds despite macro headwinds
The chart highlights Bitcoin’s price action since late 2025, showing a clear consolidation band between $62,000 and $68,000 after a steeper decline from higher levels. The $66,000 zone has acted as a reliable floor through multiple tests, absorbing selling pressure from risk-off flows in equities and rising oil-driven inflation fears. Thielen notes that Bitcoin’s ability to stabilize here, even with negative catalysts piling up, points to exhaustion of downside momentum and positioning that is increasingly asymmetric for upside.
Geopolitical noise likely to fade
As the market begins pricing in a contained Iran conflict rather than escalation, Bitcoin should benefit from reduced risk premiums. Thielen expects this discounting process to support a move back into the $70,000-$80,000 range that defined much of the prior trading environment. The current tight range and refusal to break lower set up a scenario where any positive catalyst or easing of macro fears could trigger a swift rebound.
Supporting this view, Bitcoin’s Coinbase discount has now closed, indicating that the heavy U.S.-based selling pressure that weighed on prices since October 2025 is likely fading. The premium on Coinbase relative to global exchanges has returned to neutral levels after widening during the sell-off, particularly when BTC tested lows near $60,000.
Meanwhile, Bitcoin’s selling pressure appears to be losing steam, with technical signals pointing to a potential tactical rebound even as markets digest Middle East escalation risks.
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