Bitcoin Rejected at ₱4,200,877 ($71,500) for Seventh Time

Markets analyst Liam 'Akiba' Wright has a message for traders watching Bitcoin's sideways grind: seven failed attempts to break $71,500 is far more dangerous than boring consolidation.

Bitcoin briefly exceeded $73,000 before getting rejected again, unable to crack the upper resistance band between $73,700 and $73,800. Each attempt has shown less conviction than the last. Wright noted the seventh rejection came earlier and with smaller volume than previous tries. That's how breakouts fade, he said, quietly and candle by candle.

The pattern mirrors mid-2025 when $71,500 marked the upper boundary of a multi-month trading zone. This time the setup looks different. Wright said buyers are getting tired while sellers have started stepping down the staircase to meet price earlier.

ETF flows show the institutional hesitation. Inflows hit ₱27.09 billion ($461 million) on March 4 and ₱26.91 billion ($458 million) on March 2, but over the past 30 days net flows turned negative by ₱155.7 billion ($2.65 billion). The macro backdrop hasn't helped either. Global markets shifted into risk-off mode on March 5 as oil prices climbed into the mid-$80 range following escalating Middle East tensions. U.S. Treasury yields held near 4.22%, tightening liquidity for speculative assets.

If Bitcoin loses the current level, the first support shelf sits at $68,000. Below that, a secondary liquidity cluster waits at $66,900. The major historical consolidation zone from earlier cycles remains in the low $61,000s.

Trader Cred identified $71,000 as the defining level for Bitcoin's current market structure. The seven rejections have turned what looked like consolidation into a pattern of weakening momentum that could trigger a deeper pullback toward $66,900.