Bitcoin Bulls Eye $73,000 as Trump Considers Cryptocurrency as Another Form of Currency
Summary:
Bitcoin is aiming for a new all-time high, potentially reaching $73,000. This follows a temporary pullback, with the currency bouncing back during Asian trading hours. U.S. Presidential candidate Donald Trump indirectly supported Bitcoin, considering it as "another form of currency". Analysts are predicting it needs to hit $75,000 to expedite even more gains. Short-term Bitcoin positions have been hit hard, with significant resistance anticipated at the $72,800 mark.
Bitcoin continues to establish new highs, setting its sights on the $73,000 mark as the trading period opens on Wall Street on March 11th. The market data from Cointelegraph Markets Pro and TradingView reveal another victorious day for Bitcoin enthusiasts, with the cryptocurrency estimated to score nearly 5% in gains.
Following a short pullback after the close of the week, BTC/USD bounced back energetically during the Asia trading hours. This sentiment was further buoyed by indirect support for both Bitcoin and cryptos from U.S. Presidential contender, Donald Trump. During an interview on CNBC's Squawk Box, he stated he viewed Bitcoin as "another form of currency", sparking speculation he might be willing to permit U.S. residents to engage in BTC transactions.
As the market continues to climb, analysts observe with interest to decipher the direction the bull market will take next. Keith Alan, co-founder of trading resource Material Indicators, suggested that $75,000 would need to be hit to trigger low-liquidity conditions and expedite even quicker gains.
Within his commentary posted on X (previously known as Twitter), Alan warned that while the market may feel overpriced, he was more concerned about high flying altcoins than Bitcoin. He also noted that while 20%-50% corrections are common occurrence during bull markets, the buying pressure from U.S. spot Bitcoin exchange-traded funds could possibly tip the scales favoring the bulls.
The emerging bullish trend hit short-term Bitcoin positions hard. Initial shift to $71,000 caused losses of around $30 million for short sellers, as per data from CoinGlass, with the losses mounting as the day progressed. In the first ten days of March alone, about $500 million worth of shorts were liquidated. If Bitcoin surpasses the $73,000 line, this could increase by nearly $100 million.
CoinGlass further indicates substantial resistance at the $72,800 mark, potentially constraining the spot price movement.
It must be noted that this piece does not offer financial guidance or suggestions. All investment and trading operations carry risk, therefore, readers are recommended to carry out their own investigations before taking any decisions.
Published At
3/11/2024 7:16:40 PM
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