Bitcoin (BTC) continued to reach new all-time highs as the market surged towards $73,000 on March 11 at the Wall Street open.
BTC/USD 1-hour chart. Source: TradingView
Bitcoin sees another 5% gain
According to data from Cointelegraph Markets Pro and TradingView, Bitcoin experienced another winning day as hodlers saw gains of nearly 5%.
After a brief pullback following the weekly close, BTC/USD made a strong comeback during the Asia trading session. The positive sentiment was supported by United States Presidential candidate Donald Trump, who subtly expressed his support for Bitcoin and cryptocurrencies.
“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 said during an interview on CNBC’s Squawk Box.
Although Trump denied owning Bitcoin himself, he suggested that he was open to allowing U.S. citizens to use Bitcoin as “an additional form of currency.”
With the market firmly in an upward trend, Bitcoin observers eagerly awaited the next move of the bull market.
However, Keith Alan, co-founder of trading resource Material Indicators, urged caution and stated that Bitcoin needed to reach $75,000 to take advantage of low-liquidity conditions and accelerate gains even further.
“The market feels toppy, but I’m more concerned about high flying #alts than BTC at this stage,” he wrote in a post on X. He also mentioned the possibility of corrections of up to 50% within bull markets, but noted that the buying pressure from U.S. spot Bitcoin exchange-traded funds (ETFs) could work in favor of the bulls.
“Bitcoin has a long history of 20% – 50% dumps in bull markets, and they tend to come when you least expect it,” he concluded.
$72,800 is the next hurdle for Bitcoin’s price
Short BTC positions faced significant liquidations on this day.
BTC liquidations (screenshot). Source: CoinGlass
The initial surge to $71,000 resulted in shorters losing around $30 million, according to data from statistics resource CoinGlass. This number is expected to increase by nearly $100 million if Bitcoin surpasses $73,000.
In the first ten days of March, approximately $500 million worth of short positions were liquidated. CoinGlass also indicated that there is strong resistance at $72,800, which is currently keeping the spot price from rising further.
BTC/USDT perpetual swap liquidity heatmap for Binance (screenshot). Source: CoinGlass
This article does not provide investment advice or recommendations. It is important for readers to conduct their own research and make informed decisions when investing or trading.
Donald Trump's endorsement of Bitcoin fuels BTC price's rise towards $73K