- Analyst Ted Pillows says a sustained price above $70,000 gives Bitcoin a “decent chance” for another rally.
- Analyst Caleb Franzen warns BTC is still trading below the short-term holder realized price, an atypical signal for an uptrend.
- The recent price rebound is being driven by spot Bitcoin ETF inflows and short-covering, according to XWIN Research Japan.
Bitcoin’s price surged to nearly $74,000 before paring gains to around $72,500 on Thursday morning, leaving analysts divided on the cryptocurrency’s trajectory amid persistent U.S.-Iran geopolitical tensions. According to crypto analyst Ted Pillows, holding above $70,000 presents a “decent chance” for another rally. However, analyst Caleb Franzen warned the price remains below the short-term holder realized price, which is rare during uptrends.
XWIN Research Japan attributed the rebound to ETF inflows and short-covering in a note on CryptoQuant. The firm noted inflows surpassed $200 million on March 4 alone, highlighting renewed institutional participation. Consequently, rising open interest and negative funding rates indicated a significant short squeeze amplified the rally.
Meanwhile, data from SoSoValue showed spot Bitcoin ETFs attracted $225.15 million on Wednesday. This puts weekly total inflows on track for net gains, breaking a previous streak of consecutive outflows. Retail sentiment on Stocktwits also shifted to ‘extremely bullish’ from ‘bullish’ over the past day.
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