Bitcoin nears $75K as strong technical signals and short liquidations accelerate rally
Synopsis
Bitcoin surged past the $75,000 mark, propelled by strong technical indicators and significant derivatives activity, including short liquidations. The cryptocurrency experienced a notable rally, with Ethereum and several altcoins also showing gains, contributing to a rise in the global crypto market capitalization.
Bitcoin reached the $75,000 mark on Tuesday with strong technical indicators, as the rally was fueled by derivatives activity with short liquidations. The cryptocurrency was trading at $74,403 mark.
In the past 24 hours, Bitcoin gained 0.70% and Ethereum went up 2.18% to trade at $2,309. Among the major altcoins, XRP, Cardano and Hyperliquid were up 3.39%, 0.07% and 6.49% whereas other altcoins such as BNB, Solana, Tron, Dogecoin slipped upto 1.16%.
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Crypto TrackerTOP COINS (₹) XRP140 (3.22%)Ethereum213,584 (2.81%)Bitcoin6,845,330 (1.21%)Tether92 (0.02%)BNB62,198 (-0.44%)Nischal Shetty, Founder, WazirX said Bitcoin reached the $75k mark, currently trading at $74,844, with a daily “Buy” technical signal and technical indicators like MACD and momentum signal bullishness, while an RSI around 62 suggests strength without being overbought.
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View Details »Shetty further said that the latest surge in Bitcoin appears to be fueled mainly by derivatives activity, with short liquidations and increased leveraged trading pushing prices higher. Technical indicators of Ethereum suggest a mild bullish bias, as the overall summary at ‘Buy’ and moving averages remain supportive, while oscillators remain neutral, suggesting steady momentum.
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The global crypto market capitalisation went up 0.85% to $2.54 trillion, according to .
The Fear & Greed Index rises to 36, indicating the market sentiments are improving, despite remaining in fear, as per CoinDCX Research Team.
In the past week, Ethereum was up 13% whereas Bitcoin gained 6%. Among the major altcoins, BNB, XRP, Solana, Tron, Cardano, Dogecoin, and Hyperliquid gained upto 18%.
“Bitcoin traded around $75,500 on March 17, moving within an intraday range of roughly $72,400 to $75,900 and the price action shows strength, but the market is still in a consolidation phase rather than a confirmed breakout,” said Vikram Subburaj, CEO, Giottus.
Subburaj further said that on-chain data remains supportive. Wallets holding 10 to 10,000 Bitcoin have slightly increased their share of supply to around 68%, indicating continued accumulation.
Market perspective
CoinSwitch Markets Desk
Bitcoin opened near $72.5K and trended higher through the session, breaking above $74K with sustained buying momentum and now approaching the $74.5K–$75K resistance zone.
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Riya Sehgal, Research Analyst, Delta Exchange
The crypto market is showing broad-based strength, with most major assets trading higher and sentiment remaining positive. Structurally, Bitcoin remains in a strong uptrend with clear higher highs and higher lows, but is currently testing a critical resistance zone at $75K–$76K.
Akshat Siddhant, Lead quant analyst, Mudrex
The breakout above $75,000 triggered nearly $124 million in liquidations, adding fuel to the rally. Institutional participation remains a key driver, with Strategy purchasing about $1.57 billion worth of Bitcoin and Bitcoin ETFs recording inflows of over $783 million.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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