- Bitcoin price surged 3.85% before returning to key zone
- $65.6K to $70.6K remains a critical contested area
- Holding realized price may determine next market direction
Bitcoin price surged nearly 4% in minutes, breaking above $71,000 before returning to a key contested zone. The sharp move highlights growing volatility as traders react to macro uncertainty. With price now near $70,000, all eyes are on whether Bitcoin price can hold support or face renewed selling pressure.
Bitcoin Price Volatility Breaks Key Market Zones
The Bitcoin price experienced sharp volatility following news tied to U.S.-Iran developments. Within minutes, the asset surged 3.85% on March 23. The Bitcoin price jumped from $68,574 to $71,216, later reaching a peak of $71,817 during New York trading hours.
This rapid move pushed the Bitcoin price above a previously defined no-trade zone. Analyst Ali Martinez had identified this region between $65.6K and $70.6K as heavily contested. Data shows 1.72 million BTC were transacted within this range, making it a key battleground.
Despite the breakout, the Bitcoin price has since returned to this zone. This suggests continued indecision as buyers and sellers compete for control.
Bitcoin Price Tests Realized Price Support Levels
The Bitcoin price is now trading near $70,000, aligning closely with its realized price. This metric reflects the average cost basis of all coins in circulation. When spot price interacts with realized price, it often signals a critical equilibrium point.
On-chain data from CryptoQuant shows the Bitcoin price hovering around this level. The Profit and Loss Margin indicator also reflects this tension. It remains near historical support zones observed between 2015 and 2026.
The 30-day moving average of this margin is flattening. This indicates reduced momentum and growing uncertainty. Traders are watching for a decisive move to confirm direction.
From my coverage of similar setups, holding above the realized price often supports bullish continuation. However, failure to maintain this level can lead to increased selling pressure.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
