Bitcoin (BTC) Shoots 7% Above $54,000 Despite Weakening Equity Market And Rising Bond Yield

09 Mar, 2021 Updated 21 Sep, 2026

Senior Journalist

Expertise : Cryptocurrency, Blockchain, Macro Finance

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets.   He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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Highlights

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In a strong push northwards, Bitcoin (BTC) is up 7.5% today moving past $54,000 levels and regaining a $1 trillion market cap. At press time, BTC is trading at a price of $54,386 with a market cap of $1.014 trillion.

While Bitcoin, and the overall crypto space, is popular for following the trends in the equity market, it seems to be opposite momentum this time. Despite some weak cues in the equity market and rising bond yields on the other end, the risk-asset has managed to hold well its position above $50K.

With the US 10-year treasury yield staying above 1.5%, the equity markets have turned jittery. However, Bitcoin (BTC) has shown strong resilience to this market momentum. Interesting, Bitcoin (BTC) has also shown resilience to the drop in the hedge assets like Gold which recently touched a 38-week low of $1730.

After tanking to $47,000 twice last week, Bitcoin seems to have entered a strong consolidation holding $45K as strong support levels as mentioned by Bitcoin analyst Willy Woo.

UTXO Realized Price Distribution. This is the on-chain, more precise version of volume profile. The peaks represent the price where most coins changed hands.

$45k upwards is very strong support.

Any dip (if you're are lucky) into $39k is a no-brainer BTFD.

Data: @glassnode pic.twitter.com/Z4xbEr0jTv

— Willy Woo (@willywoo) February 27, 2021

On Sunday, March 7, Glassnode founder Rafael Schultze-Kraft spotted a huge on-chain volume wall of $1.2 million when Bitcoin was consolidating in the price between $46.6k and $48.6k.

This support is holding nicely.

And it got stronger! We now have a wall of 1.2M $BTC that moved on-chain between $46.6k and $48.6k.

That's 6.5% (!) of the circulating supply.

I'd be surprised if we go below anytime soon.

I was long at <$50k, and am long now anyways.#Bitcoin https://t.co/eXcOhSmzbF pic.twitter.com/Gj3TFHVADW

— Rafael (@n3ocortex) March 7, 2021

On the other hand, the Bitcoin network has registered high activity so far in 2021. On average, the Bitcoin (BTC) network has settled more than $10 billion USD in daily volumes, reports Glassnode.

On the other hand, Bitcoin (BTC) supply at exchanges continues to march downwards. Over 35K Bitcoin have been withdrawn over the last week from crypto exchanges, reports Glassnode.

Corporate Money Continues to Flow Into Bitcoin

The recent Bitcoin price rally comes following two big announcements of corporate investments. On Sunday, March 7, Chinese software giant Meitu announced a $40 million combined investment in Bitcoin (BTC) and Ethereum (ETH).

On Monday, March 8, Norwegian energy giant Aker ASA pledged $58 million investment into Bitcoin via its newly floated entity SeeTee.

It seems that Tesla’s entry into Bitcoin has created a domino effect pulling other corporates towards it. Now with Asian and European companies joining, we can see more players putting their reserve cash into BTC.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.