Gate News: On March 16, Bitcoin price rose to approximately $73,892, hitting a six-week high and briefly surpassing the $74,000 mark during intraday trading for the first time since early February. Over the past 24 hours, Bitcoin increased by about 3.4%, continuing last week’s strong performance, and maintaining an independent trend despite global stock markets being pressured by rising oil prices.
Data shows that Bitcoin gained approximately 6% last week. Meanwhile, tensions in the Middle East remain high, with U.S. President Trump urging allies to ensure the safety of shipping through the Strait of Hormuz. International oil prices stay around $98 per barrel, and concerns about inflation pressures in global markets have increased. In this environment, some investors view Bitcoin as a hedge against macroeconomic risks.
A major driver of the market rally is short covering. Derivatives data indicates that in the past 24 hours, the crypto market experienced about $344 million in liquidations, with roughly 83% of that being short positions. When leveraged traders betting on falling prices are forced to close their positions, it creates additional buying pressure, amplifying price movements and pushing prices higher.
In terms of capital flows, spot Bitcoin ETFs continue to attract institutional funds. Data shows that last week, ETFs experienced net inflows for five consecutive trading days, totaling about $767 million, marking three weeks of continuous net inflows. Additionally, weekly capital inflows into spot Ethereum ETFs reached approximately $160 million.
Institutional buying activity has also garnered market attention. Corporate Bitcoin holders like Strategy recently increased their holdings by 17,994 BTC. Analyst Min Jung from Presto Research noted that whether large institutions continue to accumulate will be a key focus for market observers.
From a technical perspective, the $70,000 to $71,000 range is seen as a key support level in the near term, while the $73,000 to $74,000 zone still acts as resistance. If the price effectively breaks through $75,000, multiple institutions expect Bitcoin could further rise toward $80,000. Market participants believe that ongoing ETF capital inflows and spot demand remain core factors driving the next phase of the rally.
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