Yesterday, BTC/USD rose above the $75k level, thereby setting a new high for March. The last time Bitcoin traded at such levels was in early February.

Why is Bitcoin Rising?

Bitcoin’s appeal appears to be increasing due to a combination of factors, including:
→ ongoing military conflict in the Middle East;
→ expectations of rising inflation and upcoming Federal Reserve decisions on interest rates.

According to on-chain data, March has seen capital inflows into spot Bitcoin ETFs. At the same time, media reports indicate that major corporate players (notably MicroStrategy) have purchased approximately $1.57 billion worth of Bitcoin, creating strong organic demand.

Technical Analysis of BTC/USD

On 5 March, when analysing Bitcoin’s price movements within a broad descending channel, we:
→ noted that the bullish impulse at the beginning of March led to a breakout above the QL resistance line, as well as the psychological $70k level;
→ highlighted that the median line M could act as a barrier to further gains;
→ suggested a potential pullback scenario.

Indeed, since then (as shown by the red trajectory), Bitcoin has undergone a fairly deep correction, reversing lower from the M line. Notably, the QL line subsequently acted as support.

Trading volume analysis (based on Coinbase data) shows that:
→ on 13 March, bearish activity intensified, resulting in a long upper wick on a high-volume candle;
→ on 15–16 March, the price advanced alongside rising volumes, with candles closing near their highs.

This can be interpreted as strengthening demand: buyers are pushing sellers out of the $70–72k zone, which may serve as support in the near term.

Given the above, a continued upside scenario cannot be ruled out, in which Bitcoin maintains an upward trajectory within the blue channel.

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