Bitcoin (BTC) kept all-time highs coming at the March 11 Wall Street open as bulls propelled the market toward $73,000.
Another day, another 5% gain for Bitcoin
Data from Cointelegraph Markets Pro and TradingView tracked another winning day for hodlers as BTC price gains neared 5%.
After a brief retracement following the weekly close, BTC/USD came back with a vengeance during the Asia trading session. The mood was helped by subtle support of both Bitcoin and crypto by United States Presidential candidate, Donald Trump.
“Well, it’s taken on its own life and I do little things sometimes for fun, you know, make money with it, I have fun with it too,” he told CNBC’s Squawk Box segment on the day.
While denying that he had bought Bitcoin himself, Trump hinted that he was open to allowing U.S. citizens to conduct BTC transactions, calling it “an additional form of currency.”
With upside firmly in place, Bitcoin market observers thus took a back seat to follow where the bull market would go next.
Cautious as ever, Keith Alan, co-founder of trading resource Material Indicators, argued that $75,000 should be hit in order to tap into low-liquidity conditions and boost gains even faster.
‘The market feels toppy, but I'm more concerned about high flying #alts than BTC at this stage,” he wrote in part of a post on X (formerly Twitter), alongside a market update which explained Bitcoin’s proximity to the so-called “lifetime channel.”
“If BTC manages to reclaim the Lifetime Channel we could see a fast move to $80k.”
Alan added that corrections of up to 50% within bull markets had been standard practice in the past. While traders should be prepared, he acknowledged that the buyside pressure from the U.S. spot Bitcoin exchange-traded funds (ETFs) may swing the odds in bulls’ favor.
“Bitcoin has a long history of 20% - 50% dumps in bull markets, and they tend to come when you least expect it,” he concluded.
“Of course we are in uncharted territory because we have no history with a #BTCETF and this level of institutional demand, so in that regard, ‘This time is different.’”
$72,800 next BTC price hurdle to clear
Short BTC positions predictably bore the brunt of liquidations on the day.
Related: BTC price blasts through $70K — 5 things to know in Bitcoin this week
The initial trip to $71,000 cost shorters around $30 million, data from statistics resource CoinGlass showed, with the tally only increasing from there.
The first ten days of March liquidated approximately $500 million of shorts. At the time of writing, that total was set to increase by nearly $100 million should Bitcoin breach $73,000.
CoinGlass additionally showed stiff resistance now sitting at $72,800, keeping spot price pinned.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
