Bitcoin has repeatedly reclaimed the $70,000 level in 2026, lifting Strategy, Coinbase and bitcoin miners with it. Behind these sharp rebounds sit forced liquidations, institutional flows and a year-to-date trend that remains fragile.
🔑 Key takeaways
- On February 5, 2026, bitcoin rebounded from an intraday low near $60,000 to briefly reach $71,000, after more than $1 billion in derivatives liquidations.
- On March 4, 2026, it touched $72,600, with Strategy closing up 11.95% at $103.58.
- In late August 2026, a fresh squeeze pushed bitcoin toward $77,300, with Strategy and BitMine up more than 15% since Monday.
- Citi raised its base case to $113,000 for October 2027.
February 2026: a rebound after a drop of more than 40%
On February 5, 2026, after several heavy selling sessions, bitcoin bounced from an intraday low near $60,000 and briefly cleared $71,000. It had lost more than 40% from its record above $126,000 in October 2025 and was trading at its lowest level since late 2024.
The sell-off was tied to macroeconomic stress, a deterioration in global financial markets, disappointing corporate earnings and a sharp drop in technology stocks, which pushed investors toward defensive assets. According to Bitcoin Magazine, more than $1 billion in futures and derivatives positions were liquidated within 24 hours, mostly long positions closed automatically after key technical levels broke.
During the slide, the BlackRock-managed IBIT bitcoin ETF recorded a record daily volume of roughly $10 billion. Its share price nonetheless fell 13%, its second-worst day since launch.
Crypto-linked equities surged on February 5. The table below summarizes the main gains reported in the sources.
| Stock | Change | Price |
|---|---|---|
| MARA Holdings (MARA) | +21.03% | $8.14 |
| TeraWulf (WULF) | +19.55% | $14.25 |
| Riot Platforms (RIOT) | +16.54% | $14.05 |
| Cipher Mining (CIFR) | +15.47% | $14.66 |
| BitMine (BMNR) | +15.43% | $20.08 |
| Core Scientific (CORZ) | +10.43% | $16.36 |
| Neptune Digital Assets (NDA) | +11.43% | $0.78 |
Bitcoin was then quoted at $70,661. Strategy (MSTR) rose 21%, while Coinbase (COIN), Circle (CRCL) and Robinhood (HOOD) each gained between 10% and 15%.
March 2026: $72,000 and a return of flows to crypto stocks
On March 4, 2026, at the open of the US session, bitcoin cleared $72,000 for the first time in almost a month, reaching $72,600, its highest level since early February. It then pared gains toward $71,500 but kept a rise of about 5% over 24 hours. The $70,000 to $72,000 zone, which had capped the previous month’s rebounds, was the technical level that mattered.
Crypto equities lead the move
Crypto-linked stocks had rebounded sharply after the previous Tuesday’s sell-off. Strategy, the world’s largest corporate bitcoin holder, climbed almost 9% to a one-month high. Galaxy Digital (GLXY), Robinhood and BitMine gained 6% to 8%, Circle rose 6% and was up more than 70% over the week since its fourth-quarter results. Miners Bitfarms (BITF), Hive Digital (HIVE), Hut 8 (HUT) and IREN gained 6% to 10%, while the Nasdaq and the S&P 500 each rose about 1%.
The sources disagree on Coinbase’s level. One cites a move above $200 at the open, which cannot be reconciled with the $165.74 intraday high reported elsewhere. This article therefore relies only on closing data.
| Stock | Close | Change | Intraday high |
|---|---|---|---|
| Strategy (MSTR) | $103.58 | +11.95% | $106.90 |
| Coinbase (COIN) | $159.47 | +9.05% | $165.74 |
| Circle (CRCL) | $78.50 | +9.44% | $81.22 |
| BitMine (BMNR) | $20.05 | +9.68% | $20.90 |
All four names printed new intraday highs before giving back part of their gains into the close.
A divergence explanation
CoinDesk cited Jasper De Maere, an OTC trader at Wintermute, who argued that crypto assets had sharply underperformed other asset classes over the previous two months, which helps explain the current catch-up. Digital assets are not exposed to supply chains, energy costs or the other narratives weighing on equities.
“Uncertainty is slowing down inflows in equities, which creates opportunity for crypto, which is what we’re seeing now.”
Jasper De Maere, OTC trader, Wintermute
He described equities and cryptocurrencies as “substitute risk-assets” but warned the setup was unstable. Prolonged tensions leading to higher energy prices and persistent inflation could reduce the odds of another rate cut, a negative outcome for crypto. Until greater clarity emerges, he expects volatility to persist.
August 2026: short squeeze and leverage at Strategy
In pre-market trading on August 20, 2026, bitcoin rose more than 11% toward $72,000, trading at $71,720. Strategy gained nearly 10%, Coinbase and Circle more than 6% and Robinhood more than 4%. The prior session had already seen MSTR add nearly 13%, Coinbase and Circle close to 10% and Robinhood near 5%.
According to TradingKey, the move reflected Strategy’s leveraged exposure to its bitcoin treasury. Rising unrealized gains on its balance sheet translate into a premium over the net value of its assets, attracting institutional capital seeking higher beta. TradingKey also argued that the break above $70,000 marked a shift from a short squeeze to spot buying and “institutional FOMO.”
Decrypt reported that more than $1 billion in bearish bitcoin positions were liquidated within an hour as bitcoin approached $70,000. Strategy and Coinbase were among the most heavily shorted large-cap names on Wall Street, with Coinbase ranked as the fifth most shorted stock in the financial sector, so their rally forced short sellers to buy back shares.
On August 21, 2026, bitcoin gained more than 6% over 24 hours to about $77,300, after an intraday high above $78,000.
| Asset | Move | Level or detail |
|---|---|---|
| Bitcoin (BTC) | +6% over 24h | about $77,300 |
| Ethereum (ETH) | +4.3% over 24h | about $2,300 |
| Strategy (MSTR) | +8% pre-market | +15% since Monday |
| BitMine (BMNR) | +4% pre-market | +15% since Monday |
| Robinhood (HOOD) | +5% pre-market | -1% on the week |
At $77,000, the 840,447 bitcoins held by Strategy represented roughly $1.36 billion in unrealized gains, according to BitcoinTreasuries. On Stocktwits, MSTR ranked first among the most-viewed tickers. Retail sentiment moved from “bullish” to “extremely bullish,” and message volume rose from “high” to “extremely high.” Robinhood, down more than 1% on the week, saw its sentiment shift from “neutral” to “bullish.”
These weekly gains contrast with the twelve-month picture. Strategy remains down about 70% and BitMine nearly 60%, while Robinhood held up better, falling about 9.7%. Analysts remained divided between a genuine trend reversal and a simple unwinding of short positions.
Strategy’s leverage and BitMine’s treasury
In its most recent quarterly report, Strategy held 840,447 bitcoins and $4.8 billion in cash, leading Decrypt to describe MSTR as an almost leveraged bet on bitcoin. BitMine, for its part, held 5.82 million ether, worth about $11.4 billion and representing 4.8% of ethereum’s circulating supply, according to its chairman Tom Lee.
A reading near $85,000 and Citi’s forecast
A Yahoo Finance report, which does not carry an explicit date, describes a period when bitcoin hovered around $85,000 after gaining about 35% over three months. Over the same stretch, Strategy shares rose more than 70%, pushing its annual performance into positive territory. At the close of the Thursday in question, MSTR was still up 3% year to date, against 11% for the S&P 500.
Citi raised its base-case bitcoin target to $113,000 for October 2027, from $82,000 in its end-June forecast. Analyst Alex Saunders attributes the revision to debasement fears after the US Treasury announced larger bond buybacks, and to new federal guidance on crypto regulation following the stalled progress of the Clarity Act in the Senate.
“The natural reflexive nature of crypto markets has boosted sentiment further.”
Alex Saunders, analyst, Citi
The base case assumes net inflows of $5 billion into spot bitcoin ETFs over the next twelve months, versus a previous assumption of flat flows. Citi’s bull case places bitcoin above $150,000, while its bear case points to $43,000. Coinbase, down more than 15% year to date, and Robinhood, down about 4%, could benefit from a revival in crypto markets and trading activity.
Outlook: two scenarios to watch
The 2026 rebound rests on a mix of forced liquidations, institutional flows and leverage in bitcoin-proxy equities. That mechanism can amplify gains as much as losses. The $70,000 to $72,000 zone, then the $75,000 resistance identified by analysts, remain the key levels, along with the ability to sustain high volumes above $70,000.
In a bullish scenario, ETF inflows and a return of institutional demand could push bitcoin toward Citi’s objectives above $150,000. In a bearish one, persistent energy tensions and inflation that is less supportive of rate cuts could send the price back toward $43,000. The market remains highly sensitive to the macroeconomic backdrop.
Sources
Cet article est publié à titre informatif et éducatif. Il ne constitue en aucun cas un conseil en investissement. Faites vos propres recherches (DYOR) avant toute décision.
