Mar 2 ET

$68,918.40

3.43%

Bitcoin is trading higher, advancing roughly 3.3% to near $68,835 as investors respond to stronger-than-expected U.S. ISM Manufacturing PMI data that beat expectations at 52.4 versus 51.8, reducing immediate recession fears and improving risk appetite. The move triggered nearly $80 million in short liquidations within an hour as leveraged bearish positions were forced to cover, adding momentum to the rally. Meanwhile, traditional safe-haven assets sold off sharply—gold fell more than 2% and silver dropped nearly 7%—signaling a rotation out of defensive positions and into risk assets including crypto. The broader crypto market added close to $100 billion in total market capitalization in under an hour, with Ethereum breaking above $2,000 and XRP trading around $1.41. Strategy disclosed a $200 million Bitcoin purchase, reinforcing continued institutional accumulation. Despite the rally, sentiment indicators remain in 'Extreme Fear' territory, suggesting positioning had been heavily defensive before the move, and Bitcoin now faces a critical test near the $69,000 level with key support holding above $66,360.