Bitcoin reaches $70,000 as traders prepare for US jobs report, analysts stay cautious
March 6, 2026
Bitcoin has not completely detached from U.S. technology stocks, and he cautioned that the recent uptick could simply be a temporary rebound. CryptoQuant echoed this sentiment, suggesting that the recent surge in Bitcoin’s price is likely a short-lived rally within an ongoing bear market rather than the beginning of a new bullish cycle. Despite this, if Bitcoin continues to climb, CryptoQuant highlighted $79,000 as the key resistance level to watch for.
Amidst the market downturn, other major cryptocurrencies also experienced losses, albeit smaller than Bitcoin’s. XRP, Binance Coin, Cardano, and Solana all saw modest declines of around 2% each. Ethereum, the leading altcoin, maintained its position above $2,000 despite a 3.1% dip in the last 24 hours. The sentiment around Ethereum on Stocktwits shifted from ‘bullish’ to ‘neutral’ over the past day, reflecting a more cautious outlook from retail investors.
Even meme token Dogecoin dropped by 3.5% to around $0.093, with retail sentiment also trending towards ‘neutral.’ In light of these market movements, analysts like Ted Pillows suggested that if Bitcoin can continue to hold above $70,000, there is a decent chance of a potential rally on the horizon.
As traders brace for the upcoming U.S. jobs report, the focus remains on how the job market data may impact the Federal Reserve’s monetary policy decisions in March. Recent economic indicators have surprised with positive outcomes, leading to a decrease in expectations for a Fed rate cut. With U.S. jobless claims holding steady at 213,000 when a rise was anticipated, economists are now eyeing Friday’s report for insights into the unemployment rate, expecting a slight increase to 4.4% from the previous reading of 4.3%.
Despite the uncertain market conditions, Bitcoin’s resilience above $70,000 indicates some level of confidence among traders. While the short-term outlook remains uncertain, the potential for a sustained rally depends on a combination of market dynamics, economic data, and regulatory factors. By closely monitoring key resistance levels and market sentiment, traders can position themselves to navigate the volatile cryptocurrency landscape with caution and strategic decision-making.
