Bitcoin Erupts, Easily Breezes Past $73,000 As Bulls Flow Back

Bitcoin is trading at near new all-time highs, looking at events in the daily chart. It is up 3% on the past trading day and up 10% in the previous week. Technically, the uptrend remains and every low can be an opportunity to add for buyers angling for fresh all-time highs.

At press time, Bitcoin is changing hands above $73,400 and commands a market cap of $1.4 trillion. In the past 24 hours, its market cap is up roughly 2%. On the other hand, the average trading volume in the past 24 hours is up 14% to over $63 billion. As prices continue rallying, activity will expand, driving market cap, trading volume, and dominance even higher.

So far, the Bitcoin trading community is looking at multiple news developments, including:

• CryptoQuant founder thinks that there will be a “sell-side liquidity crisis” in the next six months. With Bitcoin halving incoming and more users taking coins off exchanges, exchanges might run out of coins to sell. Currently, spot Bitcoin ETF issuers are buying en-masse, stacking on behalf of their clients.
• In a research, Kaiko shows that the current Bitcoin rally is minting out 1,500 new millionaires every day. However, considering the pseudonymous nature of crypto and Bitcoin, it is hard to crack the identity of these individuals.

Bitcoin Price Analysis

At spot rates, BTC/USD bulls are in the driving seat, looking at developments in the daily chart.

Though there was a sharp liquidation of longs on March 12, the recovery throughout the Asian session has been impressive.

Bulls broke higher on March 13, pushing prices above $72,800.

Since buyers are optimistic and the market expects more gains, lows above $72,800 may offer entries.

This outlook is backed by the strong buyers when the market opened during the Asian session.

Immediate projections place BTC at over $75,000 by end week and close to $100,000 by end of March.