Donald Trump’s endorsement of Bitcoin fuels BTC price surge, setting sights on $73K

Bitcoin (BTC) continued to soar to new heights on March 11, reaching an all-time high as it approached $73,000. The price of BTC gained nearly 5% on another successful day for hodlers, according to data from Cointelegraph Markets Pro and TradingView. After a slight dip following the weekly close, BTC/USD made a strong comeback during the Asia trading session. The bullish sentiment was further supported by United States Presidential candidate, Donald Trump, who expressed his openness to allowing U.S. citizens to conduct Bitcoin transactions. Despite the market feeling “toppy,” Keith Alan, co-founder of trading resource Material Indicators, believed that hitting $75,000 would tap into low-liquidity conditions and potentially accelerate gains. However, he cautioned that corrections of up to 50% within bull markets have been common in the past. Short BTC positions faced significant liquidations, with approximately $30 million lost when BTC reached $71,000. Short positions totaling around $500 million were liquidated in the first ten days of March, and this number was expected to increase by nearly $100 million if BTC surpassed $73,000. Stiff resistance was observed at $72,800, keeping the spot price in check. This article does not provide investment advice and readers are advised to conduct their own research before making any financial decisions.