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Bitcoin returns to $74,000: six-year high in whale activity amid stock market decline
Bitcoin broke above $74,000 and returned to the levels of early February. On March 16, the price on the Bitstamp exchange reached $74,425, the highest level since February 4. The weekly increase amounted to 10.3%, and the weekly candle closed above the 200-week exponential moving average, a level that traditionally separates bull and bear markets.
1-week chart of $BTC/USD and 200EMA. Source: Bitstamp
The analytical resource The Kobeissi Letter recorded the breakout in real time. Along with Bitcoin, Ethereum also became more active: analyst Ash Crypto noted that Ethereum reached $2,250.
Seven green candles in a row
The technical picture supports positive sentiment: seven daily Bitcoin candles closed in profit consecutively. Investor Crypto Rover recalls that a similar streak was last observed after the market found a bottom amid tariff-related shocks.
1-day chart of $BTC/USD. Analysis: Crypto Rover
Today Bitcoin will attempt to close its eighth green session in a row. Investor Jelle points out that such streaks usually end with one of two scenarios — either a sharp rise or a sharp fall. As a key reference point, he names the closing of the daily candle and a possible test of equal highs.
Trader Ed_NL admitted that the price behavior last week confused him: according to his calculations, Bitcoin should have declined without reaching the resistance zone. Reality turned out differently.
4-hour chart of $BTC/USD. Analysis: Ed_NL
Divergence from the stock market
The behavior of Bitcoin against the background of traditional markets deserves special attention. The crypto exchange Bitfinex reports that over the weekend Bitcoin gained more than 4%, while stock indices were falling. At the same time, oil surpassed $100 per barrel amid escalating tensions in the Middle East.
4-hour chart of $BTC/USD. Analysis: Bitfinex
Last week in the Bitfinex Alpha report, analysts already pointed out the emerging divergence between Bitcoin and stocks amid geopolitical instability. Now they are monitoring whether this gap will persist.
Whale activity: six-year high
The analytical platform CryptoQuant reports that the Exchange $BTC Whale Ratio indicator — the share of large players in the total volume of exchange transactions — has reached its highest level in six years. According to the platform’s logic, an increase in this ratio corresponds to a short-term market bottom, while reaching the peak value marks the point from which an upward trend begins.
Share of large players in the total volume of transactions on exchanges. Source: CryptoQuant
The founder and CEO of CryptoQuant, Ki Young Ju, adds that most Bitcoin analysts are strongly bullish.
Analysts’ sentiment index. Source: Ki Young Ju
