The Bitcoin price has not particularly impressed over the past two weeks, but it appears to have steadied its movement within a clear consolidation range. In its latest attempt to shine, the premier cryptocurrency faced fierce resistance around $74,000 on Friday, March 13.
Interestingly, the latest on-chain data suggests that the $74,000 resistance might not be the barrier it appears to be. According to a prominent crypto analyst on the social media platform X, the Bitcoin price seems to have a free runway to return to above the $80,000 mark.
BTC Price Has Free Runway To $82,000: Analyst
Market pundit Ali Martinez took to the X platform to share an on-chain insight into the Bitcoin price movement over the coming weeks, with a return to around $82,000 looking more likely with no obstacles. This on-chain observation is based on the UTXO Realized Price Distribution (URPD) metric, which shows the next relevant levels for BTC.
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The URPD metric shows how critical a price level is by tracking the volume of cryptocurrency purchased at a specific level. This is because the capacity for a Bitcoin price level to function as a support or resistance zone usually depends on the number of BTC investors who have their cost basis at the given level.
Typically, price levels below the current spot value with substantial buying activity are often considered major support regions. Meanwhile, levels above the current price with significant investor cost bases usually function as major resistance areas.
According to Martinez, the Bitcoin price has entered a low-resistance region, with barely any obstacles in its way until around $82,045. This puts into question the rejection recently faced around the $74,000 mark, which has insignificant investor activity per the UTXO Realized Price Distribution metric.
A move to this next major on-chain resistance would mean an over 17% surge from the current price point, with an upward movement of that magnitude not seen so far this year. However, if the Bitcoin price doesn’t find the bullish momentum necessary to spur a rally toward the $82,000 mark, the next major support cushion sits at around $66,898.
Ultimately, it appears that Bitcoin price might be looking to expand its consolidation range, with $82,000 as the potential upper boundary.
Bitcoin Price Overview
As of this writing, the price of BTC stands at around $70,820, reflecting a mere 0.5% jump in the past 24 hours. According to data from CoinGecko, the flagship cryptocurrency is up by more than 3% in the past seven days.
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Featured image from DALL-E, chart from TradingView
Bitcoin slid sharply this week, hitting just above $82,000 in early US trading and triggering a wide purge of crowded positions. Based on data from Coinglass, roughly 270,000 accounts were wiped out across exchanges in the past day, and close to $1.70 billion in total liquidations was recorded. Many of the losses came from traders who had bet that prices would keep rising.
Liquidations And Market Shock
The move was fast. Long bets were the hardest hit. Reports say over 90% of the liquidated contracts were long positions, mostly in Bitcoin and Ether.
The market was shaken quickly as stop orders were pulled and margin calls were forced. Price gaps showed up on some platforms and volatility spiked. This kind of clearing event can leave prices unstable for a bit, even after traders calm down.
Geopolitics And Policy Pressure
Reports note heightened tensions in the Middle East added fuel to the selloff. A US warship deployment and renewed public statements from US President Donald Trump put risk assets on edge.
At the same time, an executive action linked to tariffs on goods tied to certain oil deals raised fresh concern among global traders. Risk appetite cooled as investors mulled how those moves might affect energy flows and trade.
Tech Earnings And Investor Mood
Microsoft’s earnings miss was another note in the mix. Some big tech names fell hard after results that showed rising costs and slower growth in cloud services.
That made investors question the near-term outlook for AI-driven growth stories. With confidence wobbling in both stocks and crypto, many reduced exposure. The market atmosphere turned cautious and buying dried up in minutes.
Bitcoin price action, risk aversion and volatility amid conflict headlines were both feeding into the selling. News feeds were full of sharp alerts. Traders who follow headlines closely found themselves adjusting positions quickly.
Support Test And Wider Market Drops
Bitcoin is trading near a higher-timeframe support area that mattered in recent months. Weekly closes have been caged between roughly $94,000 and $84,000 for several weeks, and that structure faces another test now.
If buyers do not step in, deeper weakness could follow. Reports say the wider crypto market lost around $200 billion in value across tokens during the worst of the move.
What Traders Are Saying
Some analysts called the reaction overblown and noted that prices had already been falling since October. Others warned that a longer correction could be in play if macro pressures persist.
Benjamin Cowen warned that Bitcoin may continue to act weak compared with stocks, suggesting any hoped-for rapid flip from gold or silver into crypto might not happen fast.
According to Trading Economics, gold and silver have climbed to record levels, with gold reaching $5,608 per ounce and silver rising to $121.60.
Featured image from Unsplash, chart from TradingView
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Crypto and stock prices have surged in the past hour after US President Donald Trump announced a 90-day pause for tariffs on multiple nations, except China. Bitcoin (BTC), the flagship crypto, now eyes the $83,000 barrier after jumping 6.1% following the news.
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Trump Authorizes 90-Day Pause On Tariffs
In a Truth Social post, President Trump announced he was raising China tariffs to 125% “effect immediately” due to a “lack of respect” shown to the World’s markets. This move follows China’s recently announced reciprocal 84% tariff rate on US goods, starting April 10.
“Based on the lack of respect that China has shown to the World’s Markets, I am hereby raising the Tariff charged to China by the United States of America to 125%, effective immediately. At some point, hopefully in the near future, China will realize that the days of ripping off the U.S.A., and other Countries, is no longer sustainable or acceptable,” Trump explained.
In the Wednesday post, the US President also revealed he had authorized a “90 days PAUSE” for other countries, as 75 nations reached out to multiple US Representatives, including the Departments of Commerce, Treasury, and the US Trade Representative, to “negotiate a solution to the subjects being discussed relative to Trade, Trade Barriers, Tariffs, Currency Manipulation, and Non-Monetary Tariffs.”
Additionally, he authorized an immediate substantially lowered Reciprocal Tariff of 10% during the 90-day pause. In a second post, the President stated, “This is a great time to buy.”
Following the news, stock prices surged, with the S&P 500 (SPX) surging around 6% since the announcement. Meanwhile, the crypto market saw its total market capitalization jump around 5%, with assets like Bitcoin, Ethereum (ETH), XRP, and Solana (SOL) increasing 6%-12% in an hour.
Bitcoin Price Surges To $82,000
The flagship crypto climbed from the $76,000-$77,000 range to the $82,000, momentarily reclaiming this level for the first time since Sunday. Its 6% surge has sparked optimism among investors, who saw Bitcoin fall to a five-month low over the weekend.
BTC dropped nearly 10% between Sunday and Monday, fueled by the ongoing tariff war. Amid the correction, Bitcoin hit the $74,000 support zone for the first time since November.
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On Monday, BTC also saw a brief recovery of the $80,000 barrier after major media outlets reported the White House was considering a 90-day pause on tariffs. However, the cryptocurrency erased most gains after the news turned fake.
According to online reports, today’s surge triggered $75,000,000 worth of Bitcoin shorts being liquidated in the past 60 minutes.
As of this writing, Bitcoin trades at $82,444, a 4.1% decline in the weekly timeframe.
Featured Image from Unsplash.com, Chart from TradingView.com
The crypto market today (March 14) has again pushed investors on their toes, showcasing fluctuations. Bitcoin (BTC) price slipped below $82K as of early Asian hours on Friday. Whilst, Ethereum (ETH) and Solana (SOL) prices were also trading in the red zone. However, XRP price gained alongside Ripple’s latest advancements in Dubai while TRUMP emerges as the top market gainer.
Here’s a brief report consisting of the top crypto by market cap and how their prices are delivering in the market.
Crypto Market Today: BTC & Alts Continue Facing Market Pressure
The global crypto market lost nearly 1.3% today, as indicated by a diminished market cap of $2.68 trillion. Further, it’s notable that the market action again turned bearish despite cooling inflation in the U.S., per the latest CPI report. Traders and investors reflect a panic-stricken sentiment over risk assets at the moment, primarily due to macro heat.
BTC Price Slips Below $82K
As of press time, BTC price witnessed a decline of over 2% and exchanged hands at $81,998. The flagship crypto’s 24-hour low and peak were $79,931.85 and $84,158.76, respectively. Bitcoin recorded liquidations worth $78.88 million over the past day (Coinglass data), which may be bringing some volatility to the price. Also, BTC’s market dominance slipped by 0.51% to 60.80%, indicating that altcoins are in a better position.
ETH Price Slips Marginally
ETH’s price witnessed a slight 0.3% dip as of press time and closed at $1,888. The second-largest coin by market cap hit a low and a peak of $1,823.53 and $1,919.69 in the past 24 hours. Ethereum recorded only $37.27 million worth of liquidations over the past day. Simultaneously, ETH’s market dominance remained shrunk at 8.5%, indicating other altcoins leveraging gains.
XRP Price Jumps 2%
XRP price witnessed gains worth 2% in the past 24 hours and closed in at $2.28. The coin bottomed and peaked at $2.22 and $2.34 intraday. Intriguingly, Ripple’s XRP price soars alongside a major development in Dubai. Ripple recently secured a DFSA license, expanding in Dubai’s $277B market whilst global pushes for ETF approval continue.
Solana Price Falls 1%
However, SOL price also sank in tandem with the broader market trend today, down nearly 1% to $124. Its 24-hour bottom and peak were registered as $120.91 and $128.16, respectively. Solana recorded slight liquidations worth $8.61 million in the past 24 hours.
Meme Crypto Market Today
Simultaneously, Dogecoin (DOGE) price fell by 2% intraday and exchanged hands at $0.1680. Also, Shiba Inu (SHIB) price saw a 0.5% decline, reaching $0.00001227. Pepe Coin (PEPE) also followed, slumping 7% to $0.000006797.
Top Crypto Market Gainers Today
Official Trump (TRUMP)
Price: $11.81
24-Hour Gains: +12%
Kava (KAVA)
Price: $0.4681
24-Hour Gains: +8%
Sonic (S)
Price: $$0.5004
24-Hour Gains: +7%
Top Crypto Market Losers Today
Story (IP)
Price: $5.72
24-Hour Loss: -9%
Ethena (ENA)
Price: $0.3351
24-Hour Gains: -8%
Movement (MOVE)
Price: $0.4477
24-Hour Gains: -6%
Overall, the crypto sector has again taken a bearish movement after sparking hope with a rising trajectory yesterday. With Trump’s tariffs saga bringing immense macro heat, risk assets continue to face global pressure despite optimistic advancements like the U.S. strategic Bitcoin reserve announcement.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Bitcoin Soars to $82K as SEC Delays Dogecoin and XRP ETFs TipRanks
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Crypto stocks such as Coinbase (COIN), MicroStrategy (MSTR) and Robinhood (HOOD) saw impressive gains as Bitcoin soared to a new all-time high of $82,000. The surge in Bitcoin price also ignited a rally in BTC mining stocks such as Marathon Digital (MARA) as high as 20% in pre-market hours on Monday.
Crypto Stocks MicroStrategy, Coinbase Rise on Bitcoin Surge
Analysts expect substantial inflows of $10-15 billion in MicroStrategy from index funds as MSTR stock nears possible inclusion in the S&P 500 index. Michael Saylor also announced that the company has acquired 27,200 BTC for $2.03 billion at $74,463 per BTC today.
MSTR stock price surged by 11.12% in pre-market trading, reaching $300.50, as Bitcoin price skyrocketed to new all-time highs. The company’s strong Bitcoin strategy continues to drive investor confidence, with its stock price reflecting increased demand for exposure to Bitcoin without directly purchasing the cryptocurrency.
Other crypto-related stocks like Coinbase (COIN) also saw impressive gains, opening 16.10% higher at $314.34. The crypto trading on the exchange has increased massively as investors go massively bullish.
Meanwhile, Robinhood Markets (HOOD) surged by 7.40%, trading at $32.80, as investor enthusiasm builds around Bitcoin performance. This rally in crypto stocks aligns with the broader optimism in the crypto market, fueled by Bitcoin continued rise.
Marathon, CleanSpark, and Riot Bitcoin Mining Stocks Gain Momentum in Pre-Market
Bitcoin mining stocks are showing impressive pre-market gains as investor interest surges. Marathon Digital (MARA), CleanSpark (CLSK), and Riot Platforms (RIOT) are all riding the wave of positive momentum, with their stock prices climbing significantly in early trading. Marathon Digital (MARA) is seeing a notable 15.84% increase, with its pre-market price reaching $22.32, while CLSK is 0.44% down, with shares trading at $13.51.
Riot Platforms (RIOT), another leading Bitcoin mining company, is also gaining traction, with a pre-market increase of 10.62%, bringing its stock to $14.17. This surge is fueled by growing optimism surrounding the broader crypto and mining market, making these stocks attractive to investors looking to capitalize on the potential of Bitcoin mining companies.
Bitcoin Performance and Investor Sentiment Drive Market Optimism
Bitcoin price has surged to a new high of $82,302, marking a significant increase of 19.6% over the past week and 30% in the last month. The 24-hour trading volume has seen a remarkable spike, now at $78.23 billion, further highlighting the growing investor confidence. With a 24-hour low of $78,479 and a high of $82,311, Bitcoin continues to rally, drawing attention from investors across the globe.
Ark Invest CEO Cathie Wood weighed in on the broader economic and crypto market outlook, sharing her bold predictions for the US economy and cryptocurrency future. She suggested the White House could result in significant market gains, including a boost for digital assets, with the return of Donald Trump. This forecast has sparked even more optimism among investors, adding fuel to the ongoing rally in both Bitcoin and crypto stocks.
However, some buzz regarding a crypto market crash has emerged as BTC implied volatility crashed and Bitcoin continues to move higher.
- Bitcoin rose to a new all-time high above $82 on November 11, 2024
- Over 40,000 Bitcoin valued at nearly $3.28 billion have left exchanges in the past week.
The price of Bitcoin (BTC) has climbed to a new record high above $82,000 as the momentum that pushed cryptocurrencies higher continues to dictate sentiment.
On Monday, BTC reached highs of $82,329 across major exchanges to put the flagship digital asset up more than 20% over the past week.
The gains have also impacted altcoins, with notable performances for Ethereum that has crossed above $3,100 and Solana that’s eyeing a new year-to-date high. Cardano, BNB and meme coins Dogecoin and Shiba Inu are also trading higher.
Over 40,000 BTC leave exchanges
According to crypto analyst Ali Martinez, Bitcoin’s spike to the new ATH comes as the amount of BC leaving exchanges surges.
In the past week, Ali noted via X, bullish BTC holders have withdrawn over 40,000 bitcoins from exchanges. This represents nearly $3.3 billion worth of Bitcoin exiting from exchanges. Exchange balances for Bitcoin have plummeted in the last seven days.
The bullish sentiment across the market could be driving this trend. Donald Trump’s US election victory and interest rate cuts are two major catalysts. Meanwhile, institutional demand amid spike in spot ETF inflows has also helped BTC past the $82k mark.
What next for Bitcoin price?
BTC price forecasts suggest a surge to $100k is possible before the end of the year. With this outlook in place, a huge number of traders taking a short term bearish view after recent gains have lost significant amounts of money.
Per Coinglass data, the past 24 hours have seen the crypto market a staggering $270 million in liquidations.
However, longs expecting an even sharper spike for Bitcoin have recorded a $361 million liquidations. In total, more than 208,800 traders have been liquidated in the past 24 hours, the total liquidations comes in at $632.57 million, with $124 million in Bitcoin shorts.
Amid Bitcoin price’s surging momentum, Tom Lee, popularly known as the “Wall Street Big Bull,” has made a bold prediction regarding the cryptocurrency’s trajectory. Notably, Lee anticipates Bitcoin to reach $82,000 in the near term, followed by a potential surge to $150,000 by the end of 2024.
Meanwhile, his optimistic outlook comes amidst Bitcoin’s resurgence, nearing its all-time high and capturing the attention of investors worldwide.
Tom Lee’s Bullish Forecast
Tom Lee, the Head of Research at Fundstrat, recently shared his bullish perspective on Bitcoin’s future during a CNBC Last Call interview. Lee believes that Bitcoin is poised to return to its long-term trend line, projecting a price target of $82,000 shortly, with a further climb to $150,000 by the end of 2024.
Meanwhile, his prediction aligns with the current positive sentiment prevailing in the market, characterized by Bitcoin’s ongoing bull market phase. Notably, Bitcoin rallied through the $68,000 mark today and neared its all-time high witnessed in November 2021, before witnessing a slight retreat.
In other words, Lee’s forecast holds significance against the backdrop of Bitcoin’s recent price surge and nearing its previous all-time high. The cryptocurrency’s market capitalization has crossed the $1.3 trillion mark, attributed to factors such as increased investments in Bitcoin ETF, anticipation of the upcoming halving event, and heightened investor interest in digital assets.
Also Read: Louisiana Introduces Bill On Bitcoin Rights Amid BTC Price Rally To $68K
Bitcoin Price Amid Bullish Prediction
Lee’s optimistic projection of Bitcoin reaching $150,000 by the end of 2024 underscores the growing confidence in the cryptocurrency’s long-term potential. This forecast adds to the prevailing optimism surrounding Bitcoin’s future trajectory, fueled by recent market dynamics and favorable regulatory developments.
Besides, the recent rally in Bitcoin, which has propelled its price close to $69,000, signifies a resurgence driven by various factors, including the significant BTC ETF inflows and anticipation of the impending Bitcoin halving event in April.
Amid this positive momentum, Lee’s bullish outlook further bolsters investor confidence, paving the way for potential institutional inflows and broader adoption of cryptocurrencies as a viable asset class.
Meanwhile, as of writing, the Bitcoin price was up 1.44% from yesterday and traded at $66,400.99, and its trading volume soared 82.34% to $75.32 billion. On the other hand, Bitcoin Futures Open Interest (OI) also surged 6.27% over the last 24 hours to 485.87K BTC or $32.39 billion.
According to CoinGlass data, the Bitcoin OI on the CME Exchange topped with a 5.90% surge from yesterday, followed by Binance and Bybit.
Also Read: South Korea Mulls Spot Bitcoin ETF Approval As BTC Price Nears ATH
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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