Bitcoin Holds Above $71K as Crypto Market Gains Momentum
The cryptocurrency markets showed strength in trading on Friday, with Bitcoin holding steady above $71,500 after breaking through the $70,000 barrier, while Ethereum remained above $2,100. In the latest weekly update, the flagship token has experienced a notable surge of 9.13 per cent, rising from $65,969.78 recorded on March 8. Meanwhile, Ethereum has also made headlines with a gain of nearly 10.88 per cent from its previous value on the same date. The sentiment spread across the wider altcoin market, as notable assets experienced gains of up to 5 percent on Friday. Analysts attributed the recent gains to US inflation and jobless claims data aligning with expectations, coupled with steady institutional demand. “The cryptocurrency experienced a notable increase, surpassing the $71,000 mark as US inflation and jobless claims aligned with forecasts, but the information offered little new impetus for the markets.” Traders are being careful, as futures funding rates remain near 7 percent, suggesting that many participants are still betting on a decline.
The futures premium remains below the typical 5 percent bullish threshold, suggesting a limited risk appetite. “However, steady institutional demand is helping support prices, with ETFs attracting roughly $540 million in inflows over the past four days,” said a source. At last check, Bitcoin was trading up by 3.03 percent at $71,524, with a 24-hour trading volume of 45.3 billion. The digital token saw fluctuations, moving between $69,370 and $71,995 during the specified timeframe, according to data. Bitcoin’s total market cap reached 1.43 trillion, solidifying its status as the leading cryptocurrency in the world. Riya Sehgal remarked on Bitcoin’s recent movement, indicating that it shows a short-term recovery in sentiment. She believes that Bitcoin is technically attempting to stabilize above the $70,000 area, which is forming a near-term support zone.
However, the broader trend remains within a defined range unless the price decisively breaks above the resistance band of $75,000–$78,000.”A move above that zone could confirm renewed bullish momentum, while a break below may expose the market to a deeper pullback toward the mid-$60,000 region,” said Sehgal. Ethereum is showing significant strength compared to the broader market movements. The asset has successfully maintained the crucial support level, as institutional flows via spot ETF products keep increasing. At the latest update, there was an increase of 4.17 percent, with the asset trading at $2,110. The 24-hour trading volume for Ethereum reached $23.72 billion, with the token experiencing fluctuations between $2,025 and $2,147 during that period. From a technical standpoint, Sehgal noted that the immediate resistance for Ethereum is situated around 2,200. “A sustained breakout above this zone could trigger momentum toward the $2,600–$2,700 range, while failure to maintain support near $1,800 could invite renewed downside pressure,” she noted. The optimistic mood has also spread throughout the altcoin space.
In the realm of significant altcoins, one particular asset took the lead with impressive gains, surging more than 30 percent. Other notable gainers included Artificial Superintelligence Alliance, Render, River, Bittensor, Midnight, OFFICIAL TRUMP, Virtuals Protocol, Pump.fun, Sui, Ethena, NEAR Protocol, Algorand, Sei, Bonk, Aave, Ondo, Curve DAO Token, Cardano, Arbitrum, Pudgy Penguins, Pepe, Avalanche, Worldcoin, VeChain, Dogecoin, Dash, Quant, Solana, and Chainlink, which were trading higher by up to 21 percent. In contrast, certain assets faced significant pressure. Among them, Kite, Canton, Toncoin, PAX Gold, Tether Gold, DeXe, and UNUS SED LEO were experiencing declines of up to 7 per cent according to source. Overall, analysts observed that the crypto markets appear to be in a consolidation phase, as increasing institutional participation is slowly counterbalancing macro challenges such as rising yields, geopolitical tensions, and a cautious global risk appetite.
