Bitcoin climbed to an intraday high of $75,937 during Asian morning trading on March 17, breaking above the $75,000 level for the first time since early February and reaching its highest price in six weeks. The move sparked a broader rally across crypto markets, with MemeCore, FET, and Zcash (ZEC) posting double-digit gains on the day.
The jump set off heavy liquidations in leveraged markets. Data from CoinGlass showed that nearly $498 million was liquidated across crypto derivatives in the past 24 hours, including more than $330 million in short positions. Bitcoin alone accounted for $118 million of those short liquidations. Many of those trades were bearish positions opened during the early-February sell-off, and their forced closure added fuel to the rebound.
Spot Bitcoin ETFs Extend Inflow Streak
ETF demand also supported the move. Figures compiled by SoSoValue showed that the 12 U.S. spot Bitcoin ETFs brought in more than $200 million over the past day, stretching their inflow streak to six consecutive sessions. Total net inflows during that run reached nearly $1 billion. The data points to renewed institutional appetite after a weaker patch earlier in the market.
The report also noted that some investors are treating Bitcoin as a safe-haven asset during geopolitical tension in the Middle East. Gold and silver, assets that usually attract defensive flows, have shown relative weakness in recent days. That shift has given Bitcoin an additional tailwind, though traders are still watching whether the pattern holds.
Traders Watch $79,000 as the Next Resistance
On the daily chart, Bitcoin appears to be forming a rounded bottom, a pattern often associated with reversals in technical analysis. The 20-day simple moving average is closing in on a bullish crossover with the 50-day simple moving average, showing that short-term momentum has improved. The next resistance level in focus stands near $79,000, the high seen in February and an area that lines up with the 50% Fibonacci retracement.
A decisive break above that zone could open the way toward $89,850, identified in the report as the neckline of a double-bottom structure. If Bitcoin fails to hold support at $72,000, the price could retest lower levels. At the time of publication, Bitcoin was trading around $74,000, still up about 6% over the past week.