Bitcoin (BTC) wiped out short sellers with its latest trip to monthly highs as the crypto liquidation hits $500 million.
Main points:
-
Bitcoin bears suffer as BTC price action hits $74,000.
-
Analysis sees more liquidations, including long-term, with a possible market decline below $70,000 to test support.
-
Bitcoin’s run is starting to copy the broad return of ETFs, which is in place until 2026.
BTC Price Analysis: “The Bulls Just Regained Control”
A new analysis from CryptoReviewing, co-founder of the Wealth Capital trading community, says that “the entire market scenario” has changed for Bitcoin.
The past few days have seen BTC’s price swings remove both long and short positions worth hundreds of millions of dollars, but a trip to $74,000 will ultimately cost more.
“The bears are just gone,” concluded CryptoReviewing.
Data in the exchange’s order book from monitoring source CoinGlass shows price cuts through liquidation walls.
Wednesday’s liquidation volume for bitcoin and altcoins approached $600 million, shorter than any day cleared since February 25.
“And now the whole scenario of the market has changed… At $73,000 – $75,000 we have a large liquidity zone that can be compensated, which will probably lead to even higher levels,” continued CryptoReviewing.
“However, $65,000 – $71,000 below is almost 4x liquidity, which is the ‘most likely’ zone to visit in terms of future liquidity. The bulls have just regained control.”
Such a test of support is also on the radar for Keith Alan, co-founder of trading platform Material Indicators.
As part of a new market analysis published on Wednesday, Alan argued that a consolidation phase should form part of a credible trend reversal.
“A test of support, later, would be healthy, but I’m not sure the market will make it that easy for us. However, as this develops, IMO, the longer it goes, the more durable the rally will be,” he wrote.
Alan, however, warned that long-term bearish signals remain in place and expect Bitcoin’s “next leg” to result from current setups.
Bitcoin ETFs are in the spotlight in a “historic rush.”
As Cointelegraph reported, the price increase accompanied renewed interest in Bitcoin from institutional sources.
related to: ‘This Is Not World War III:’ Five Things to Know in Bitcoin This Week
Bitcoin exchange-traded funds (ETFs) in the US saw net inflows of nearly $500 million on Wednesday.
Data from UK-based investment firm Farside Investors confirmed that inflows were positive on all but one trading day since February 24 this year. Even then, the outflow was only $27.5 million.
So far in March, ETFs have received more than $1.1 billion in capital.
Commenting, trading source The Kobeissi Letter noted that ETF interest has grown broadly this year, pushing US Bitcoin and Ethereum offerings into the backlog after months of withdrawals.
“Investors are pouring money into US funds at a record pace: US-listed ETFs have raised +$380 billion so far in 2026, the best year on record. This represents +80% growth compared to the first two months of 2025,” according to X.
Kobeisse described the U.S. ETF industry as “experiencing a historic pace of investor demand.”
This article does not contain investment advice or recommendations. Every investment and business move involves risk, and readers should do their own research when making a decision. While we strive to provide accurate and timely information, Cointelegraph does not guarantee the accuracy, completeness or reliability of any information in this article. This article may contain forward-looking statements that are subject to risks and uncertainties. Cointelegraph shall not be liable for any loss or damage arising from your reliance on this information.
