On March 5, with the White House indicating that it has submitted President Kevin Waugh's nomination for Federal Reserve Chair to the Senate, the U.S. Senate did not pass the vote to halt Trump's Iran sanctions. Bitcoin hit a new high since February 5 in the early hours of today, reaching a peak of $74,050, and the total cryptocurrency market cap rebounded past $2.538 trillion. U.S. stocks and crypto-related stocks rose across the board, with MSTR up 10.37%, COIN up 14.57%, and CRCL up 5.63%.

According to CoinDesk, Bitcoin is in a supply-scarce zone between $72,000 and $80,000. Data from Glassnode shows that within this range, the last time Bitcoin was traded in this zone was relatively infrequent. Only about 1% of circulating Bitcoin is in this price range. Since few holders are building positions in this zone, if the price begins to break through this area, market resistance may be limited.

In fact, this means that if Bitcoin successfully breaks above $72,000, the move toward $80,000 could happen relatively quickly. As Bitcoin briefly broke above $74,000, the probability of a "Bitcoin rebound to $75,000 in March" on Polymarket increased to 78%. Additionally, the probability of reaching $80,000 is 46%, while the chance of dropping to $65,000 is 48%.