Originally published on: March 11, 2024
Bitcoin (BTC) hit a record high of $90,779 as bulls continued to drive the market towards the $73,000 mark on March 11. The positive momentum was supported by data from Cointelegraph Markets Pro and TradingView, showing gains of nearly 5% for BTC.
Following a brief retreat after the weekly close, BTC/USD surged back during the Asia trading session. This bullish sentiment was further boosted by the subtle endorsement of Bitcoin and cryptocurrencies by former U.S. President Donald Trump.
Speaking on CNBC’s Squawk Box segment, Trump expressed his interest in Bitcoin, stating, “I have fun with it… it’s an additional form of currency.”
With Bitcoin’s upward trend intact, market observers eagerly anticipated the next move in the bull market. Keith Alan of trading resource Material Indicators suggested that hitting $75,000 would help tap into low-liquidity conditions and accelerate gains.
While Alan acknowledged the potential for corrections of up to 50% in bull markets, he pointed out that the increasing buy-side pressure from U.S. spot Bitcoin exchange-traded funds (ETFs) could favor the bulls.
On March 11, short BTC positions faced significant liquidations. Data from CoinGlass revealed that shorters lost around $30 million when Bitcoin surpassed $71,000, with total liquidations in the first 10 days of March reaching approximately $500 million.
As Bitcoin approached the $73,000 milestone, CoinGlass indicated strong resistance at $72,800, indicating a key price level to watch.
It’s important to note that this article does not provide investment advice. Readers are encouraged to conduct their own research and due diligence before making any investment decisions.
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