Bitcoin (BTC) surged above $69,000 on March 25 as bulls successfully reclaimed a crucial resistance zone.
The BTC/USD 1-hour chart from TradingView showed that BTC achieved its highest daily close in ten days, thanks to a boost during the first Wall Street trading session. The price gained up to $4,600 on that day and continued to rise after the close, surpassing the $71,000 mark at the time of writing.
Financial commentator Tedtalksmacro commented on the recent market events, noting that US spot Bitcoin exchange-traded funds (ETFs) had seen net inflows again. This came after a week of weak uptake and record outflows from the Grayscale Bitcoin Trust (GBTC).
Despite the significant outflows from GBTC, BTC/USD managed to overcome obstacles and maintain its upward momentum. Popular trader and analyst Matthew Hyland expressed optimism about the future, suggesting that Bitcoin had cleared a final area and was on track to reach $100,000.
Hyland also pointed out a reset on a classic BTC price metric, which last occurred when Bitcoin was trading at $40,000 in late January. According to him, the Daily Relative Strength Index (RSI) values dropping below the key 50 level on March 20 was a good signal for the rebound. The Daily RSI currently stood just above 60, indicating that Bitcoin was still in bull market territory.
On the downside, analyst Mark Cullen acknowledged the existence of “gaps” in CME Group Bitcoin futures markets, which often act as near-term price targets. One such gap below $64,000 remained unfilled from the weekend. Cullen suggested that Bitcoin could fill this gap and consolidate in a triangle pattern before pushing higher.
However, trader Daan Crypto Trades reassured that there was no need to worry about a potential dip in BTC price. In a post, they highlighted that Bitcoin had made a considerable gap and hadn’t immediately closed it, which was a positive sign.
It’s important to note that this article does not provide investment advice or recommendations. Readers should conduct their own research and make informed decisions when it comes to investments and trading.