On March 25, Bitcoin (BTC) closed above $69,000, surging past a crucial resistance level as bullish sentiment strengthened.
BTC price surges to 10-day highs driven by ETF strength
Recent data from Cointelegraph Markets Pro and TradingView indicates that BTC/USD achieved its highest daily close in 10 days.
An increase in activity during the initial Wall Street trading session signaled a shift in sentiment toward BTC price strength, resulting in a gain of up to $4,600 for the day.
This momentum persisted after the market close, propelling Bitcoin beyond the $71,000 threshold at the time of this report.
Financial commentator Tedtalksmacro commented on these developments, highlighting the resurgence of net inflows into United States spot Bitcoin exchange-traded funds (ETFs).
Following several days of outflows, Bitcoin spot ETFs observed a positive flow of +$15.4M USD on Monday, with a substantial contribution of +$262M from Fidelity.
“The bid is back,” Tedtalksmacro remarked on X, indicating a renewed investor interest in Bitcoin.
BTC/USD 1-hour chart. Source: TradingView
While GBTC outflows remained substantial at $350 million, according to data from the United Kingdom-based investment firm Farside, BTC/USD overcame any obstacles to the upside.
In a typically optimistic perspective on potential future developments, a well-known trader and analyst Matthew Hyland envisioned the path to six-figure BTC price levels reopening.
“If this signifies the clearing of the final hurdle for Bitcoin, then the likelihood of a surge to $100k is increasing,” he informed X followers.
Earlier, Hyland had noted a reset on a traditional BTC price metric to levels last seen when Bitcoin was trading at $40,000 in late January.
He subsequently deduced that daily relative strength index (RSI) values dropping below the crucial 50 level on March 20 had served as a “positive signal” for the rebound.
At the time of writing, the daily RSI stood just above 60 — still below the classic bull market threshold of above 70.
BTC/USD 1-day chart with RSI. Source: TradingView
Trader shows disinterest in Bitcoin futures gap
While assessing the potential for a decline, analyst Mark Cullen recognized the existence of “gaps” within the CME Group Bitcoin futures markets. These gaps, as reported by Cointelegraph, frequently serve as short-term price objectives for BTC, with one gap below $64,000 remaining unfilled since the weekend.
“Another option for $BTC, after filling the upper CME gap, now fill the lower and consolidate in a triangle before pushing higher,” Cullen recommended.
However, trader Daan Crypto Trades expressed little concern about a potential decline in BTC price.
“First time in a while where we actually made a considerable gap and didn’t immediately close it,” A section of a post on X mentioned.
“Would not look at this gap too much as long as price is so far away. Often during big breakouts we leave gaps like these behind.”