Bitcoin (BTC) surpassed $74,000 briefly earlier today, reaching its highest point since the start of February.
Some analysts are optimistic that a more substantial move to the upside could be forming, especially if the asset breaks above key resistance levels.
The primary cryptocurrency started the business week on the right foot, with its valuation surging to almost $74,400 (per CoinGecko’s data) following Donald Trump’s latest remarks regarding the war in Iran. The US President threatened to send troops to Kharg Island and urged America’s NATO allies to form a coalition to reopen the Strait of Hormuz by deploying military ships in the area.
Meanwhile, spot BTC ETFs have attracted hundreds of millions of dollars in inflows over the past several days, a factor that could also have contributed to the asset’s recent price strength.
According to the popular analyst Ali Martinez, a more significant rally could be on the way. In a recent post on X, he claimed that BTC might be forming a local bottom that often comes before a big move north. Martinez noted that Bitcoin’s funding rates have recently flipped negative: a development that has preceded “every major relief rally” in the last four years.
The most recent example dates back to May 2025, when BTC was trading near $95,000. Once funding rates turned negative, the market quickly shifted, and the asset climbed to a historical peak of over $126,000 within months, the analyst reminded.
Besides that, Martinez pointed out that more than 33,000 BTC have been withdrawn from exchanges in the past week. CryptoQuant’s data shows that just a few days ago, the amount of coins stored on such platforms dipped to a six-year low of approximately 2.73 million. This is considered a bullish factor because it reduces immediate selling pressure.
Other analysts on X also think BTC could chart further gains in the near future. Ted, for instance, described the $72,000-$74,000 range as “strong resistance zone,” predicting that a decisive break above it could open the door for an uptrend to as high as $78,000.
Analysts like Leshka.eth remain somewhat cautious about BTC’s short-term prospects. The X user argued that the price is slowly grinding higher within a descending channel toward the $76,000-$80,000 region, warning that a rejection here could trigger a painful crash to as low as $40K.
The analyst who goes by the moniker Klarck also envisioned a potential pullback. They foresaw a bull trap at around $74,000, a “liquidity grab” at $65,000, $62,500, and $60,000, and an eventual plunge to new lows.
BTC’s Relative Strength Index (RSI) is one technical indicator suggesting a price plunge could be imminent. The ratio has surpassed 70, meaning the price has pumped too much in a short period and could be due for a pullback. In contrast, readings under 30 suggest the asset is oversold and on the verge of a potential rally.
The post ‘Stop Shorting Bitcoin,’ One Analyst Says as Fresh Price Targets Emerge appeared first on CryptoPotato.
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