Bitcoin Surges to 11-Week High as Bullish Momentum Strengthens
Bitcoin experienced a notable surge on Wednesday, moving in tandem with equities and hitting an 11-week high as macro sentiment bolstered market confidence. The largest cryptocurrency is on a recovery path, bouncing back from Sunday’s low of $73,777, achieving gains for the third day in a row. Bitcoin experienced a notable surge of nearly 4% in the last 24 hours, reaching an intraday high of $78,444, which is its highest value since February 3. Moreover, various other cryptocurrencies saw an increase in their prices too.
Bitcoin’s whale orderbook highlights the tactical maneuvers of significant market participants. In this context, sources have identified Bitcoin’s most notable bid at $75,700, with $217 million in BTC presently held by market participants. The most recent whale orderbook update reveals that there is notable sell pressure concentrated between the $78,000 and $80,000 range. Recently, the crypto market has shown a bullish trend, often ignoring negative news and reacting positively to favorable developments.
In the short term, the $75,700 level is anticipated to act as strong support, considering that many investors have made their entry into the market at this price point. A significant breakthrough past $80,000 may open the door to additional gains. Bitcoin has experienced a remarkable increase of over 15% since February 27, with its short-term path intricately linked to shifts in the macroeconomic landscape. With no clear external catalyst in sight, traders focused on low-volatility conditions are likely to pinpoint the $72,000 mark as the next key support level after $75,000, while resistance near $80,000 could limit any further upward movement.
Since the end of February, Bitcoin has largely oscillated between $65,000 and $75,000. The sideways trading pattern has offered a much-needed respite from months of declines, during which it fell nearly 40% from its recent all-time high of over $126,000 in October, followed by a sharp selloff that sent crypto markets into a tailspin. In a significant development, inflows have returned to US-listed spot Bitcoin exchange-traded funds in recent weeks. This week, the 13 funds have recorded net inflows surpassing $250 million, building on a significant $996.4 million influx into the funds the previous week.
