Bitcoin Nears $72,000 as Strategy, Coinbase Shares Extend Rally

Bitcoin approached $72,000 during European trading Thursday, gaining more than 3.5% over 24 hours and roughly 15% since the start of the week. The rally follows Treasury Secretary Scott Bessent’s announcement of expanded bond buybacks, along with President Trump urging Congress to advance crypto legislation during a White House event Wednesday.

Crypto Stocks Rally Alongside Bitcoin

Crypto linked equities surged in tandem. Strategy, the largest corporate bitcoin holder, rose 10% in pre-market trading after gaining 13% the previous day. Bullish climbed 5% following a 9% gain Wednesday, while bitcoin miner MARA Holdings and exchange Coinbase also extended recent gains into pre-market trading.

Key Technical Levels Reclaimed

Bitcoin has moved back above several important on-chain markers, including the short term holder cost basis near $67,138, the average price paid by recent buyers, suggesting most short-term holders are now in profit. Bitcoin has also climbed above its 200-day moving average, currently around $68,969, a widely watched gauge of long-term trend direction.

Next Level to Watch

Analysts are now eyeing the True Market Mean near $75,689, a metric reflecting active investor cost basis. A sustained break above that level could signal broader bullish momentum building across the market.