Bitcoin Rejected at ₱4,506,372 ($75,000), Tests ₱4,205,947 ($70,000) Support Zone

Bitcoin rejected the $75,000 level once again, signaling that buyers lack the momentum to push through resistance at the 50-day exponential moving average. The price has retreated to test support between $70,000 and $69,000, a zone that has held on previous pullbacks during this corrective cycle.

Analysts point to mining costs as one factor pressuring the upside. Bitcoin mining expenses have climbed to $80,000, forcing miners to sell when prices hover below that threshold. CF Benchmarks research analyst Mark Pilipczuk said exchange-traded fund demand and corporate treasury buying provide a durable bid even as broader sentiment remains cautious.

MicroStrategy added ₱96.14 billion ($1.6 billion) in Bitcoin purchases this week, raising the company's total holdings value to ₱3.48 trillion ($58 billion). The buying spree shows corporate conviction at current levels, yet it hasn't been enough to fuel a sustained breakout above the $75,000-$76,000 resistance zone.

The bearish scenario targets a drop to $65,000-$62,000 if support at $70,000 fails. Bulls need to reclaim $75,000 with volume to open the door toward $80,000, but repeated rejections at the 50-day EMA suggest distribution rather than accumulation. Peter Brandt warned that failed recoveries and lower highs indicate sellers are in control, predicting a measured move lower based on the current chart pattern.

March saw over ₱90.13 billion ($1.5 billion) in Bitcoin ETF inflows, the best month since October and the first positive stretch after four months of selling. Yet analysts told DL News the recent rally was driven by short sellers liquidating positions rather than fresh capital, explaining why momentum faded near resistance. Bitcoin has fallen 40-45% from its late 2025 peak above $126,000, and the current consolidation sits at a crossroads between recovery and deeper correction with the price touching $76,000 on March 17.