Bitcoin Fails $72K Polymarket Bet as Price Stalls at $70,034 on March 10
Bitcoin closed below $72,000 on March 10, 2026, resolving a major Polymarket contract as "No." BTC trades at $70,034 despite MicroStrategy buying $1.28 billion worth of coins this week.
- 01Polymarket contract resolved 0% Yes on March 10, 2026
- 02MicroStrategy bought 17,994 BTC between March 2-8, 2026
- 03BTC price rebounded to $71,426 before settling at $70,034 as of March 10, 2026
- 04Bitfinex saw 31,900 BTC outflow on March 4, 2026
Bitcoin Fails $72K Polymarket Bet as Price Rebounds to $71,426 on March 10
What Happened
Bitcoin failed to breach the $72,000 threshold on March 10, 2026, resulting in a 0% "Yes" resolution on Polymarket source. As of March 10, 2026, Bitcoin's price was recorded at $71,426 by 11:04 ET, though it traded around $70,755 earlier in the day source. The asset rebounded to $71,426 by 11:04 ET after tumbling to $65,000 earlier in the week. Concurrently, MicroStrategy disclosed the purchase of 17,994 BTC for approximately $1.28 billion between March 2 and March 8, 2026 source.
Background
Volatility dominated the week as Bitcoin tested lower supports before stabilizing. Macro factors influenced the recovery, including an International Energy Agency announcement on March 10, 2026, regarding emergency oil reserves, which eased inflation fears source. On-chain data shows a major outflow of 31,900 BTC from Bitfinex on March 4, 2026, signaling potential accumulation source.
The Bull Case
James Harris, CEO of Tesseract Group, suggests Bitcoin is entering a bottoming process around the $66,000 zone due to washed-out sentiment. Axel Adler Jr. of CryptoQuant interprets the sustained negative exchange netflow of 47,700 BTC for the week as a signal of reduced selling pressure source.
The Bear Case
Glassnode warns the market remains fragile, noting the 30-day smoothed average of realized profits fell to $370 million, its weakest reading since late 2024 source. Christopher Lewis of DailyForex notes Bitcoin is fighting massive selling pressures despite resilience. Polymarket traders have priced a 53% probability of BTC hitting $45,000 or lower before year-end source.
What to Watch
Investors should monitor active addresses, which slipped 2.0% to 649.3K as of March 10, 2026. Further IEA decisions on oil reserves may impact risk asset correlation in the coming week.