Bitcoin Reaches $72K as Strategy and Coinbase Gain on Market Momentum

• Bitcoin has surged about 15% since Monday, pushing back above several major technical and on-chain levels as bullish momentum accelerates.
• BTC climbed toward $72,000 during Thursday’s European session, gaining more than 3.5% in 24 hours and approximately 15% since the start of the week.
• The move has been supported by a series of favorable catalysts. Treasury Secretary Scott Bessent’s announcement of expanded Treasury debt buybacks helped trigger the initial rally, while President Donald Trump later called on Congress to advance the Clarity Act at a White House crypto event.
• Crypto equities have also benefited from the broader market surge. Strategy (MSTR), the largest corporate Bitcoin holder, jumped 13% Wednesday and gained another 10% in premarket trading Thursday.
• Bullish (BLSH), the crypto exchange group and CoinDesk parent, rose more than 9% Wednesday before adding another 5% in premarket trading.
• Bitcoin miner MARA Holdings (MARA) and crypto exchange Coinbase (COIN) were also trading higher before the US open after posting significant gains Wednesday.

BTC Clears Key On-Chain Benchmarks

• Bitcoin’s move above $71,000 has restored several important technical and on-chain levels, according to Checkonchain data.
• The short-term holder cost basis is around $67,138, representing the average acquisition price for Bitcoin held for less than 155 days.
• BTC trading above this level generally means recent buyers are sitting on unrealized profits, which can reinforce market confidence and encourage additional risk-taking.
• Bitcoin has also broken above its 200-day simple moving average at roughly $68,969. The indicator measures BTC’s average closing price over the previous 200 days and is commonly used to determine the longer-term market trend.
• The next major level is the True Market Mean at about $75,689. This metric filters out lost coins and supply that has remained inactive for long periods to estimate the cost basis of active investors.
• If Bitcoin can hold above the True Market Mean, the average active holder would move into unrealized profit. Such a move could strengthen the case for a broader bullish trend and signal improving market structure.