Bitcoin Posts Seven-Day Rally. Nears $74,000 Mark Again, Next Target $85,000?

TradingKey - Bitcoin prices have risen for seven consecutive days, surging over 10% in total, with potential to break through the $74,000 mark.

On March 16 (GMT+8), bullish sentiment in the crypto market continued to recover, shifting from extreme fear to fear. Currently, the Fear & Greed Index has risen to 36, gradually approaching neutral (50). As of press time, the total market capitalization of the crypto market has risen to $2.47 trillion, hitting a weekly high.

Meanwhile, Bitcoin ( BTC) rose nearly 2%, once again breaking through $72,000; Ethereum ( ETH) and Solana ( SOL) performed even more strongly, both surging over 4%; Binance Coin ( BNB ), Ripple ( XRP) and other major coins rose by around 2%.

Price performance of the top 10 cryptocurrencies by market cap, Source: CoinMarketCap

In this round of the rally, short sellers were the primary targets of liquidations. Over the past 24 hours, more than 70,000 traders were liquidated, with the total amount approaching $200 million, of which shorts accounted for $143 million, or 74%.

Crypto market liquidation data, Source: Coinglass

Over the past week, the crypto market, led by Bitcoin, has continued to rebound, with Bitcoin rising over $7,000, a gain of more than 10%, currently trading at $72,631. From a technical perspective, Bitcoin is in an ascending triangle, which is a classic bullish pattern.

Bitcoin price chart, Source: TradingView

In the short term, Bitcoin faces a resistance level at $74,000, a mark it failed to break twice on March 4 and March 13. However, bullish sentiment has been ignited, and with gold prices continuing to soften, Bitcoin is likely to keep attracting capital inflows, potentially driving a breakout to the upside.

Over the past five U.S. trading days, spot Bitcoin ETFs saw continuous inflows, with a cumulative net inflow of $761 million. BlackRock's IBIT performed the best, recording daily inflows and the largest scale, while Grayscale's GBTC performed the worst, with the largest outflows.

Based on technical analysis, if Bitcoin breaks through $74,000, the next target will be $85,000, offering about 15% upside from current levels. However, if the breakout fails, prices could retreat to $68,000, which is the lower trendline of the ascending triangle.