Bitcoin (BTC) surged above $69,000 on March 25 as bulls successfully broke through a key resistance zone.
BTC/USD reached its highest daily close in ten days, according to data from Cointelegraph Markets Pro and TradingView.
The increase in BTC price strength was driven in part by the first Wall Street trading session, which brought about a change in sentiment and resulted in a $4,600 gain for Bitcoin.
The upward momentum continued after the market closed, with Bitcoin surpassing the $71,000 mark.
Financial commentator Tedtalksmacro noted that US spot Bitcoin exchange-traded funds (ETFs) started to attract net inflows again. This was a significant shift from the previous week, which saw weak demand and record outflows from the Grayscale Bitcoin Trust (GBTC).
Despite significant outflows from GBTC totaling $350 million, BTC/USD managed to overcome any obstacles to further gains.
Trader and analyst Matthew Hyland expressed optimism about Bitcoin’s potential to reach six-figure price levels. He believed that if the current conditions persist, there is an increased likelihood of Bitcoin surging to $100,000.
Hyland previously observed a reset on a classic BTC price metric, which last occurred when Bitcoin was trading at $40,000. He concluded that the flushing of the Daily Relative Strength Index (RSI) values below the key 50 level on March 20 was a positive signal for a rebound. The Daily RSI currently sits just above 60, still below the classic bull market territory above 70.
Another analyst, Mark Cullen, acknowledged the presence of “gaps” in CME Group Bitcoin futures markets, which often serve as near-term price targets for BTC. One such gap, below $64,000, remains unfilled since the weekend. Cullen suggested that Bitcoin may fill this gap and consolidate in a triangle pattern before pushing higher.
However, trader Daan Crypto Trades expressed little concern about a potential price dip, noting that Bitcoin had recently left a considerable gap open without immediately closing it.
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 investing and trading.