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With bulls reclaiming an important resistance zone, Bitcoin closed above the $69,000 level on March 25. Data from TradingView confirms that the BTC/USD pair achieved its highest daily close in ten days. The rise during the first trading session on Wall Street marked a tone change in Bitcoin‘s price strength, surging up to $4,600 within the day.
What’s Happening on the Bitcoin Front?
The rally in Bitcoin continued post-closure, trading at $70,668 at the time of this writing. Commenting on the latest market events, financial commentator Tedtalksmacro noted that United States spot Bitcoin exchange-traded funds (ETFs) have returned to net inflows. These had seen days of outflows over the previous week, with weak buying combined with record outflows from the Grayscale Bitcoin Trust. The notable figure stated:
“Following five consecutive days of outflows, Bitcoin spot ETF funds saw an inflow of $15.4 million on March 25. From Fidelity, $262 million.”
According to data from the UK-based investment firm Farside, while GBTC outflows remained significant at $350 million, the BTC/USD pair managed to shake off upward barriers. Popular investor and analyst Matthew Hyland, with a characteristically optimistic outlook on the future, saw the path reopening to the six-figure Bitcoin price region:
“If this turns into a clearance of this last area for Bitcoin, then the likelihood of rising to $100,000 increases.”
Previously, Hyland had pointed out that the last time classic Bitcoin price data reset was when Bitcoin traded at $40,000 at the end of January. He concluded that the Daily Relative Strength Index (RSI) values dropping below 50 on March 20 were a good signal for recovery. At the time of this writing, the daily RSI was just above 60, still below the classic bull market region of over 70.
Notable Analysts Share Eye-Catching Statements
Meanwhile, considering the downside possibilities, analyst Mark Cullen acknowledged the presence of gaps in the CME Group Bitcoin futures markets. These gaps often act as short-term Bitcoin price targets, and one left over the weekend below $64,000 has yet to be filled. Cullen shared the following statement:
“Another option for Bitcoin is to fill the upper CME gap and then fill the lower one, consolidating within a triangle before moving higher.”
However, investor Daan Crypto Trades saw little need to worry about a new Bitcoin price drop, sharing the following statement via X:
“For the first time in a while, we left a significant gap and didn’t immediately close it. As long as the price is far away, I wouldn’t look too much into this gap. We usually leave gaps like this behind during major breakouts.”
