Bitcoin jumped along with equities on Wednesday, hitting an 11-week high as macro sentiment bolstered market confidence.
The largest cryptocurrency extended its recovery from Sunday's low of $73,777 into the third day. Bitcoin rose nearly 4% in the last 24 hours to reach an intraday high of $78,444, its highest price since Feb. 3, and prices of other cryptocurrencies also climbed.
#BTC whale orderbook update (15m)
Heavy sell pressure: 78.0K–80.0K
Largest bid: 75.7K ($217M+)
Big players are positioned. 🧐 pic.twitter.com/lCl1ANv4yf
According to CoinGlass, Bitcoin's whale orderbook indicates positioning by big players.
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In this regard, CoinGlass identified Bitcoin's largest bid to be at $75,700, where $217 million in BTC is held by players. Meanwhile, heavy sell pressure is situated in the range between $78,000 and $80,000, according to CoinGlass' recent whale orderbook update.
What comes next?
In the last few weeks, crypto has been somewhat bullish, often ignoring bad news and rising on good news. In the short term, the $75,700 level should hold as solid support because many investors have bought in at this level.
A clean break above $80,000 might open up more gains. Bitcoin is up more than 15% since February 27, and its near-term direction depends heavily on what happens in the macroeconomic landscape.
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Without a clear external catalyst, traders who are focused on positioning around low-volatility conditions are likely to see the $72,000 area as the next key support zone after $75,000, with more gains limited by possible resistance near $80,000.
Since the end of February, Bitcoin has largely traded between $65,000 and $75,000. The sideways trading pattern has been a reprieve from months of declines that saw it drop nearly 40% from its recent all-time high of over $126,000 in October, after which a sharp selloff sent crypto markets tumbling.
In a positive development, inflows have returned to US-listed spot Bitcoin exchange-traded funds in recent weeks. The 13 funds have attracted over $250 million in net inflows so far this week, after a $996.4 million inflow into the funds in the previous week.
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