Bitcoin’s spot market demand strengthened over the weekend as rising war tensions unsettled global financial markets. The increase in spot buying helped stabilize prices after recent declines and kept BTC relatively firm during the broader market pullback.
Market data shows that this support is coming mainly from unleveraged buyers rather than derivatives activity. Analysts say the shift reduces downside risk in the near term, even as geopolitical and macroeconomic pressures persist.
Spot Buyers Step In as Bitcoin Climbs the Wall of Worry
A recent report from Bitfinex noted that spot buyers have actively supported Bitcoin since March 1. These buyers accumulated about $3.5 billion through steady purchases, mainly during late Asian and U.S. trading hours.
This wave of demand pushed BTC back above $65,000 and marked what analysts describe as a “wall of worry” phase. In it, prices climb even as uncertainty and external risks dominate market sentiment.
Meanwhile, derivatives data shows open interest moving in line with spot volumes at a balanced 1:1 ratio. The pattern suggests the rally is driven by genuine accumulation rather than leveraged trades or short-term speculation.
Further support came from the Coinbase Premium Index, which turned positive after a prolonged negative streak. The index has maintained a modest premium, signaling continued demand from U.S. market participants.
Additionally, the defense of the $60,000 support level has reinforced Bitcoin’s transition into an expansion phase. Market participation has increased, and perpetual funding rates remain moderate and well below overheated levels, indicating a balanced and sustainable environment.
ETF Inflows Reinforce Bitcoin’s Market Recovery
Notably, U.S. spot Bitcoin exchange-traded funds contributed significantly to the shift by reversing earlier outflows.
According to Bitfinex, strong inflows last week helped absorb selling pressure from miners and long-term holders. For context, March 4 saw $461.9 million in net flows, and week-to-date figures through March 5 have already exceeded $1.14 billion.
These inflows have reinforced key technical levels. Bitfinex highlights $77,400 as a major resistance area and $54,100 as core support based on historical cycles. They also note Bitcoin’s correlation with Nasdaq and geopolitical risks tied to the Strait of Hormuz, which could influence near-term volatility.
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