Bitcoin Nears $72,000, Strategy and Coinbase Shares Extend Gains

Bitcoin approached $72,000 during early European trading on Thursday, up over 3.5% in 24 hours and gaining 15% since Monday. The rally is driven by multiple tailwinds, including U.S. Treasury Secretary Scott Bessent's announcement of a Treasury buyback program and President Trump's urging of Congress to advance the Clarity Act at a White House crypto event.

Crypto-related stocks moved higher in tandem. Strategy (MSTR), the largest corporate holder of Bitcoin, rose 10% pre-market after gaining 13% on Wednesday; CoinDesk parent company Bullish (BLSH) gained 5% after rising over 9% on Wednesday; Bitcoin miner MARA Holdings (MARA) and crypto exchange Coinbase (COIN) also extended gains pre-market.

According to checkonchain data, Bitcoin has reclaimed multiple key technical levels and on-chain cost bases, including the short-term holder cost basis of $67,138 and the 200-day simple moving average of $68,969. The next key resistance level is the real market average of $75,689; a sustained hold above this level would indicate that active investors are overall in a floating profit state, potentially further strengthening bullish sentiment.