Bitcoin climbed to $74,442 on Tuesday, up 5.2% over the past 24 hours and 8.1% over the week, reversing from Sunday's low of $70,500 as reports emerged that Iran was considering abandoning uranium enrichment as a peace concession. The US blockade of the Strait of Hormuz remains in effect, but the absence of further escalation has allowed risk assets to recover.
The move mirrors broader market behavior: the S&P 500 closed Wednesday's session at 6,886.24, or +1.02%. The index is on track for its best week since November, with small-caps (+1.4%) outperforming large-caps (+1%). The VIX has compressed back toward 18.5 after spiking earlier in the week on Iran-war jitters.
Ethereum trades near $2,370 — up 8.1% over 24 hours and 12.5% over the week. Spot ETF outflows have now persisted for five consecutive months, a structural headwind that the upcoming Pectra (Prague-Electra) upgrade has done little to offset. Core developers have called Pectra "mega-sized" and the most profound protocol change since the Merge. Markets are watching, but demand hasn't shifted meaningfully.
Technicals: watching the wall
BTC is running into a descending trendline from October's $126,000 peak — a resistance level that has capped three attempted breakouts in the past two months. The 67-day consolidation since the February 5 bottom mirrors a similar 68-day consolidation pattern that preceded January's sharp $90,000-to-$60,000 drop. Bears are positioning for a potential retest of the 200-week moving average around $60,000; bulls need a clean break above $76,000-$78,000 to change the technical picture.
Total crypto market cap sits at $2.52 trillion (4.19% in 24 h) with 24-hour volume of $116.6 billion — elevated but not extreme. BTC dominance remains in the 58%-60% range, a reading that keeps altcoins in a secondary position unless a broader risk-on rotation accelerates.
