"Bitcoin is showing remarkable resilience": above $70,000, the queen of cryptocurrencies is at its highest level in a month.

In these uncertain times, Bitcoin continues to perform well. At 10:45 AM this Tuesday, March 10, Bitcoin was trading above $71,000, gaining 4% in one day and 7% in one week.

Last week, the leading cryptocurrency nearly reached $74,000, its highest level in a month, amid risk aversion in equity markets and a strengthening dollar. Aside from a sharp drop on March 6, the leading cryptocurrency has remained above $70,000 since March 3. The cryptocurrency's value rose following the coordinated US-Israeli attack on Iran on Saturday, February 28. In times of war, Bitcoin can be seen as a more useful asset than other assets considered safe havens, such as gold, because it can be easily transferred, as we explained here.

Key Indicators

Furthermore, the price of Bitcoin was boosted "following reports of a private meeting between Brian Armstrong, the head of Coinbase, and President Donald Trump regarding the Clarity Act," notes Simon Peters, market analyst at eToro. This crypto regulation is the subject of heated debate in the US Senate, as the crypto and banking sectors clash over the returns offered by stablecoins. Several macroeconomic indicators will be closely watched this week: the release of US inflation data on Wednesday, March 11, and US jobless claims on Thursday, March 12. These data are "likely to influence the Fed's decision regarding interest rates at their meeting on March 18," says Simon Peters. "With the escalation of the conflict in the Middle East, concerns are growing about rising oil prices and their impact on the analyst."