[Digital Today reporter Hyunwoo Choo (추현우)] The cryptocurrency market is maintaining a wait-and-see trend after a short-term surge. At 6:30 a.m. on March 7, bitcoin was trading at $68,139, down 0.1 percent from the previous day, according to Coin360. Market dominance showed little change at 58.55 percent.

Ether fell 0.41 percent to $1,977, dropping back below $2,000. XRP weakened to $1.36, down 0.17 percent, and Solana slipped 0.83 percent to $84.54. A number of coins including Binance Coin, Dogecoin and Tron are little changed, repeatedly posting small declines and gains.

Bitcoin has been pushed back into the high-$60,000 range after a short-term jump, a move seen as driven by quick profit-taking after a surge triggered by short liquidations in the derivatives market.

Over the past 6 hours, a compilation of overseas crypto media reports and market data shows bitcoin posted a sharp rise that briefly regained the $70,000 level. That followed mass liquidations of short positions in the derivatives market, which quickly pushed prices higher. The market estimates that a short squeeze led to short-selling positions worth hundreds of millions of dollars being unwound in a short period.

The uptrend did not last long. As the price reached around $70,000, profit-taking by short-term traders and new short positioning increased at the same time, quickly narrowing gains. Selling pressure is seen as having intensified in particular as bitcoin approached the $70,000 range, which is regarded as a key resistance zone.

Macro factors also remain a burden. With oil price pressure tied to the Iran war and uncertainty persisting over the timing of U.S. rate cuts, an assessment is that volatile trading is continuing, with broader risk assets repeatedly pulling back after short-term gains.

The market is watching for bitcoin to search for direction for a while between $65,000 and $70,000.