Bitcoin is on an upward trajectory towards $73,000, showing a clear decoupling from the stock market.
Despite concerns over rising oil prices, BTC continues to surge.
Ethereum, XRP, and Solana are also gaining momentum while traditional assets struggle.
On Friday, Bitcoin surpassed $72,500, extending its gains as the Wall Street market opened.
The cryptocurrency had earlier broken the $72,000 mark, breaking out of a consolidation phase below $70,000.
Interestingly, digital assets seemed unaffected by the general sell-off in equities.
As of the latest update, Bitcoin was trading around $72,518, marking a 4% increase over the past 24 hours.
This rally occurred amidst declining Asian stocks and a slip in S&P 500 futures due to heightened geopolitical tensions.
Ethereum also followed Bitcoin’s lead, reaching intraday highs near $2,157.
Other major altcoins such as XRP, Solana, and BNB also experienced gains around key price levels.
Bitcoin Aims for $73k
Analysts attribute Bitcoin’s surge to the resilience of the crypto market in recent weeks, despite negative sentiment following the conflict between Israel and the United States with Iran.
Despite concerns about inflation due to the ongoing war and the blockade of the Strait of Hormuz leading to soaring oil prices, on-chain data indicates that whales have been accumulating during the dip.
The crypto market has managed to weather the initial impact of the Iran conflict, with signs of a fresh decoupling from broader risk asset sentiment.
With this potential momentum building up, Bitcoin is eyeing its highest level in nearly two weeks.
After dropping to lows of $63,000 on February 28, BTC surged above $74,000 on March 4.
After four consecutive red days pushed the leading crypto asset to lows of $65,000, it has been on an upward trend on the daily chart as bulls target a fifth green candle.
If this trend continues, a breakout above $73,000 could open the doors to the $75k-$78k range.
The 100-day simple moving average could provide the next resistance zone around $81,162.
Potential for a Sharp Pullback in Bitcoin
There are concerns about a possible downturn in BTC’s price due to geopolitical uncertainty and global oil pressures.
Analysts suggest that higher prices could increase inflation risks, limit risk appetite as yields rise, and strengthen the US dollar.
Additionally, Bitcoin and other cryptocurrencies may face a decline in momentum as investors reduce expectations of immediate Fed rate cuts.
Glassnode highlighted this scenario:
“An accumulation cluster is forming in the $62k–$72k range. However, its intensity is modest relative to prior phases that preceded sustained expansions. Conviction is building, but the foundation for a mid-term breakout remains thin so far.”
Investors may opt for profit-taking in such a situation.
If a pullback occurs, immediate support is expected at the psychological level of $70,000, with a stronger support zone near previous lows around $66,250.
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