Bitcoin surged to $73,600 in U.S. markets on Tuesday, nearing its March all-time high as demand for spot Bitcoin ETFs and large-scale purchases by major players like BlackRock continue to bolster prices. Currently trading between the critical resistance levels of $72,000 and $74,000, Bitcoin may be poised for new highs if it can break through this range.
A Strong Performance Brings Bitcoin Close to Record Levels
Bitcoin’s rise to $73,600 on Tuesday demonstrates its potential to reclaim the March peak of $73,798. With BTC now around $72,200, its 3% gain over the past 24 hours has reignited confidence in the crypto market and sparked fresh optimism among investors. Since reaching its record high in March, Bitcoin has seen months of fluctuating prices, often settling within the $60,000-$65,000 range. Now, signs of a rebound are appearing, drawing attention from large institutional investors. According to crypto expert Josh, Bitcoin’s price movements are piquing the interest of major financial entities. Large institutions, particularly BlackRock, have made significant BTC purchases worth hundreds of millions, becoming a key driver of this latest surge.
Currently, Bitcoin remains near the critical $72,000-$74,000 resistance zone. Breaking past this level could trigger price discovery and open the door to new highs.
Surging Bitcoin ETF Activity Boosts Market Sentiment
Another factor fueling the rally is the substantial inflow into spot Bitcoin ETFs. On Monday, net inflows to these ETFs totaled $479 million, with BlackRock accounting for $315 million of that amount. The interest from major investors not only provides price support but also adds momentum to Bitcoin’s climb.
Technical analysis also reveals a long-term bullish trend for Bitcoin, with the weekly Relative Strength Index (RSI) indicating sustained upward potential. On the daily chart, Bitcoin’s price action hints at a possible climb toward $80,000, bolstered by technical patterns such as a descending wedge and the classic “cup-and-handle” formation, both of which add to the positive outlook.
In the short term, breaking above the current resistance zone is crucial for Bitcoin to reach new highs. Yet, as past price movements show, this level could still pose challenges.
For more insights and analysis on Bitcoin and the latest developments in crypto, visit Turkish NY Radio.
