Bitcoin price soared to $75,937 on Tuesday, breaking through the $75,000 resistance level for the first time since early February. This significant psychological milestone triggered a widespread market rebound, with altcoins such as MemeCore, FET, and Zcash all achieving double-digit gains on the day.
This price increase led to massive liquidations in the crypto market. According to data released by CoinGlass, approximately $498 million was liquidated, with over $330 million coming from short positions as traders closed bearish positions opened during the market sell-off in February.
Additionally, another important factor regarding Bitcoin is that $118 million of the short liquidations were caused by Bitcoin itself. A notable reason for today’s rebound is the continued inflow into spot Bitcoin ETFs, indicating strong institutional demand.
According to SoSoValue, 12 U.S. spot Bitcoin ETFs attracted over $200 million in funds in the past day, bringing the total inflow over the last six days to approximately $1 billion.
Currently, traders are eyeing the next major resistance level at $79,000, which was seen in February and aligns with the 50% Fibonacci retracement level. If this level is breached, prices could reach $89,850.
On the other hand, failing to maintain support at $72,000 could lead to a price pullback to lower levels.