Bitcoin price exceeds $ 73,700

The price of Bitcoin BTC $72,948.15 Mezo Wrapped BTC 2.30% Market capitalization $40.62 million VOL. 24 hours $1.52 billion has exceeded $ 73,700 after rising by almost 11% over the past week. The upward movement was driven by a breakout from the classic cup-and-handle technical pattern, which pushed the main crypto asset to a key resistance zone. Analysts suggest that the next target may be $ 78,000, although the path to this level may be accompanied by short-term difficulties.

The rally began after the breakout of the handle resistance line on March 13. After that, the price quickly rose to $ 74,300, but sellers tried to restrain the movement, as can be seen from the repeated upper shadows on the chart. Despite this, the technical picture remains positive, although indicators show the possibility of temporary pullbacks.

One of the signals of a slowdown was the Chaikin Money Flow indicator, which shows a decrease in the intensity of capital inflows even as the price was rising. This may indicate profit-taking by large investors. At the same time, the CMF remains above zero, which means that buying pressure remains, although the level of 0.15, which indicates stronger investment flows, has not yet been reached.

The situation is supported by data on the outflow of coins from exchanges: between March 9 and 15, the number of BTC withdrawals increased by about 40%, which reduced the supply for sale. At the same time, open interest in futures decreased by almost 13%, and funding remained negative, indicating that traders are cautious and reducing the risk of excessive leverage.

To continue growing, Bitcoin has to overcome several resistance levels. The first is $ 74,300, then $ 75,100. Closing the day above this level could open the way to $ 78,000-$ 79,000. In the event of a drop, support is expected around $ 72,000, and below that, $ 70,400 and $ 68,900. A breakout of the latter level could call into question the current market structure and postpone a new stage of the rally.