Bitcoin Demand Returns as Gold Falters — $70,000 Is the Key Test

Bitcoin is holding its ground while much else is mixed: BTC is up roughly 3.5% over the past seven days, while gold sits nearly flat on the week at -0.05%. That divergence is unfolding even as the US Dollar Index and Brent crude climb, conditions that typically weigh on risk assets.

The central question is whether renewed buying can push Bitcoin past the $70,000 level that has rejected recent rallies. The Coinbase Premium Index turned positive for the first time in March, with CryptoQuant showing a reading of +0.00283 on March 2 after a nearly 40-day negative stretch from January 15 through February 23.

The premium flipped positive on February 24–26 and again on March 2, and the initial flip on February 24 preceded a nearly 13% bounce to repeated tests of $70,000. At the same time, the 14-day RSI printed a higher low between January 25 and March 1 while price made a lower low, leaving a bullish divergence intact and keeping the rebound setup alive.

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