Bitcoin (BTC) gained fresh strength on Wall Street on Tuesday as bulls looked to retest local highs.
Main points:
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Bitcoin is trying to push to the top of its local range and reach new weekly highs.
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Liquidity conditions lower awareness of new travel.
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The 50-day moving average above $73,500 is a point of concern for BTC/USD.
Bitcoin is tracking stocks at a light new pace
Data from TradingView showed a 4.5% daily gain in BTC price as BTC/USD crossed $71,500 for the first time since the weekly open.
Geopolitical tensions around the Middle East conflict and global oil supplies remained, but stocks in both Asia and the U.S. were up around 0.5%, with the S&P 500 and Nasdaq Composite Index up around 0.5%.
“From the looks of it, the market is telling us where it wants to go in the future,” said trader Jelle in his latest BTC price analysis on X.
“Reestablish resistance, and the bulls will have a much stronger case in the short term. Reject here and the divergence + retest closes, potentially making $60 the next target.”
Crypto trader, analyst and entrepreneur Michael van de Poppe saw Bitcoin’s gains on the back of a “strong rally” on the Nasdaq.
“Yesterday, given the sudden rise in oil (which was mostly liquidity and derivatives). Now, the pullback and I think we’ll start a new rally as uncertainty in the Middle East eases,” he told X followers.
“There is not much evidence left for uncertainty, and on that basis, I think we will see Bitcoin and Altcoins move higher in the coming period.”
Crypto liquidations remained high as the markets fluctuated, with monitoring resource CoinGlass putting the 24-hour total liquidations at more than $350 million.
Commenting on the data, CryptoReviewing, a co-founder of the Wealth Capital trading community, however, agreed that Bitcoin could reduce its long-term liquidity to $68,000 in the future.
“$68,000 is the level to watch. The largest liquidation cluster is $68,000 which makes this level possible,” X said in a post.
The bulls are closed by BTC’s 50-day price trend line
A separate resistance barrier for BTC price has appeared on the radar in the form of the 50 simple moving average (SMA) at $73,640.
related to: Bitcoin Brackets for Oil Shock and Death Crosses: 5 Things to Know This Week
In his latest YouTube video, independent analyst Philbphilb suggested that the price of Bitcoin continues to have the necessary momentum to reestablish the trend line as support.
“I think if we see a close above 50, given the high upside and the open interest going on, people are going to continue to go short, it’s likely that we’re going to continue,” he said.
“But I have to say that I would expect the bears to come to the 50-day moving average.”
Meanwhile, trading stock indicators, citing signals from several of its trading instruments, implied lower levels.
MTF Mean Reversion, Trend Precognition and Timescape Levels all show this $BTC in the 1st quarter of 2024, Timescape will find a local high of $71.3K.
El TACO can do all this by reducing the tension of the so-called “excursion” to Iran or joining oil tankers from… pic.twitter.com/hp0LQVf5Un
– Material Indicators (@MI_Algos) March 10, 2026
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