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

Bitcoin pushed toward $72,000 on Thursday, extending a rally that has lifted the asset roughly 15% since Monday and triggered another strong premarket move in U.S. crypto stocks. Strategy gained about 10% before the open after rising 12.7% Wednesday, while Coinbase added more than 7% following a 9.6% advance in the previous session.

The move followed a sharp decline in long-term Treasury yields and renewed activity around U.S. crypto legislation. Bitcoin had already climbed above $68,000 Wednesday after crypto executives met President Donald Trump at the White House, where Trump urged lawmakers to advance the stalled Clarity Act.

Bitcoin’s recovery has also cleared levels that had capped earlier attempts to rebound. Coinbase Institutional identified $71,000 as resistance earlier this month, with a sustained move above $67,000 opening the way for a retest. Bitcoin traded near $71,950 early Thursday.

On-chain data cited by CoinDesk also shows BTC back above the short-term holder cost basis of roughly $67,138 and its 200-day moving average. The next notable level is a “true market mean” near $75,689, according to Checkonchain data.

That level sits unusually close to Strategy’s own Bitcoin cost basis. The company currently holds 840,447 BTC acquired at an average price of about $75,385 after weeks of reducing its treasury. Its most recent Bitcoin sale was part of a wider capital-management program using BTC, common-stock issuance and cash reserves to fund preferred-stock obligations.

At Thursday’s Bitcoin price, Strategy’s holdings were worth roughly $60.5 billion against an acquisition cost of about $63.4 billion, narrowing a deficit that had been substantially larger earlier this week. A move through the mid-$75,000 area would therefore carry significance both as a Bitcoin market level and for the balance sheet of its largest corporate holder.