Bitcoin approaches $72,000 as Strategy and Coinbase continue rally

Bitcoin $BTC$71,936.32 approached $72,000 during the European morning on Thursday, an increase of more than 3.5% over the past 24 hours and 15% higher since Monday.

Several bullish catalysts have helped ignite the rally, beginning with Treasury Secretary Scott Bessent’s announcement of Treasury debt buybacks. Which then saw President Trump telling Congress to move on Clarity Act during White House crypto event.

Crypto-related equities rallied alongside bitcoin. Strategy (MSTR), the largest corporate holder of bitcoin, is 10% higher in pre-market after gaining 13% on Wednesday. Crypto exchange group and CoinDesk parent company Bullish (BLSH) has risen 5%, following a gain of more than 9% on Wednesday. Bitcoin miner MARA Holdings (MARA) and crypto exchange Coinbase (COIN) are also rallying in pre-market following strong gains on Wednesday.

Bitcoin has also reclaimed several important technical and onchain levels during its move above $71,000, according to checkonchain data. These include the short-term holder cost basis at $67,138, which represents the average acquisition price of coins held for less than 155 days. Trading above this level typically indicates that recent buyers over the past 155 days are collectively in profit, supporting a more bullish, risk-on market environment.

$BTC has also moved above its 200-day simple moving average (SMA), currently at $68,969. The 200-day SMA tracks bitcoin’s average closing price over the previous 200 days and is widely used to assess its longer-term trend.

The next key level is the True Market Mean at $75,689, which filters out lost coins and long dormant supply to gauge the active investor cost basis. A sustained move above this level would place the average active investor in unrealized profit and could signal a broader shift toward a more bullish market.