Bitcoin Breaks $72K as Strategy and Coinbase Extend Crypto Rally

Bitcoin has climbed 15% since Monday, reclaiming several important technical and on-chain levels as bullish sentiment strengthens.
Bitcoin approached $72,000 during Thursday’s European session, gaining more than 3.5% over the previous 24 hours and roughly 15% since Monday.
Several positive catalysts have contributed to the rally, starting with Treasury Secretary Scott Bessent’s announcement that the US Treasury would expand its debt buyback operations. The momentum was later reinforced by President Donald Trump urging Congress to advance the Clarity Act at a White House crypto event.
Crypto-linked stocks have also moved higher alongside Bitcoin. Strategy (MSTR), the largest corporate Bitcoin holder, jumped 13% Wednesday and was another 10% higher in premarket trading Thursday.
Bullish (BLSH), the crypto exchange group and parent company of CoinDesk, gained more than 9% Wednesday and added another 5% in premarket trading.
Bitcoin miner MARA Holdings (MARA) and cryptocurrency exchange Coinbase (COIN) were also advancing before the market opened Thursday after posting strong gains the previous session.

Bitcoin’s climb above $71,000 has allowed the cryptocurrency to recover several significant technical and on-chain thresholds, according to Checkonchain data.
One of those levels is the short-term holder cost basis at $67,138, which represents the average price paid for Bitcoin held for fewer than 155 days.
Trading above this threshold generally means recent buyers are sitting on unrealized gains, a condition that can strengthen risk appetite and support a more bullish market environment.
Bitcoin has also moved above its 200-day simple moving average, which currently stands near $68,969. The widely followed indicator measures BTC’s average closing price over the previous 200 days and is commonly used to identify the cryptocurrency’s longer-term trend.
The next major level to watch is the True Market Mean at $75,689. This metric excludes lost coins and long-dormant holdings to provide a measure of the average cost basis among active Bitcoin investors.
A sustained move above the True Market Mean would put the average active investor into unrealized profit and could provide further evidence that Bitcoin’s broader market trend is shifting toward bullish territory.