Bitcoin nears $74K before paring gains; key cues investors should watch

• Bitcoin surged near $74,000, then settled above $72,569
• Crypto market recovers; Ethereum, Dogecoin up over 7 percent
• Analysts urge caution amid ongoing volatility and selling pressure

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Bitcoin prices surged near $74,000 during the early trade on March 5, but lost some of those gains to trade just above $72,569 as of 8:45 am IST, though still up 6.24 percent in the last 24 hours.

"The crypto market is showing a measured recovery after the early-year correction. Renewed institutional demand has supported this move. Despite the rebound, sentiment remains cautious. Around 43% of Bitcoin’s supply remains in the red, creating potential selling pressure. Derivatives data show traders hedging downside risk," said Riya Sehgal, Research Analyst, Delta Exchange.

The analyst estimates that a break above $76,000–$78,000, near large holders’ average cost basis, would signal stronger momentum,  though volatility may remain high due to macro and positioning factors.

Other cryptocurrencies followed the cue. Ethereum was up 7.22 percent, BNB 3.39 percent, XRP 4.55 percent, Solana 4.08 percent, TRON 2.53 percent, Dogecoin 7.21 percent, and Cardano 4.07 percent. Whereas, Tether and USDC were down 0.01 percent and 0.03 percent over the last 24 hours.

According to CoinDCX Research Team, the top gainer for the day is Decred, with over an 11% jump, followed by SPX6900, with over 8.5%, and Zcash & Sky, by over 8% each. Besides, NEAR Protocol plunged 9%, XDC Network 7.35%, and Morpho 4.14%. Market sentiment is improving as the Fear and Greed Index surges to 20.

Here's how the price of cryptocurrencies has moved.

Why is Bitcoin down? What it means for investors

Western Union partners with Crossmint to launch USDPT stablecoin on Solana, while Stripe-owned SuiDollar (USDSui) goes live for global payments. Kraken becomes the first crypto firm to access the Federal Reserve’s Core payment system. A US court ordered the Trump administration to refund $130 billion in tariffs that were invalidated. Meanwhile, war fears spur Iranians to withdraw BTC from exchanges.

Avinash Shekhar, Co-Founder & CEO, Pi42, said, "Global policy developments and geopolitical dynamics are increasingly influencing capital allocation, and in this environment, Bitcoin continues to draw attention as investors diversify into digital assets. Sustained inflows into spot Bitcoin ETFs have also contributed to liquidity and reinforced confidence around the current rally. These movements indicate a phase where market participation is expanding across major crypto assets as adoption narratives continue to evolve.”

Vikram Subburaj, CEO, Giottus, advises that a staggered buying approach or SIP-style accumulation in fundamentally strong assets remains prudent. Futures traders should keep leverage moderate. Maintain disciplined risk management and avoid overexposure while the market searches for its next directional move.