Key Points
- Bitcoin (BTC) continues to reach new all-time highs, with the market moving towards $73,000.
- Donald Trump suggests he is open to allowing U.S. citizens to conduct BTC transactions.
Bitcoin's Bull Run Continues
Bitcoin (BTC) once again reached new all-time highs as the market surged towards $73,000.
This comes after a brief retracement following the weekly close, with the BTC/USD pair rebounding strongly during the Asia trading session.
Trump's Stance on Bitcoin
The positive market sentiment was boosted by comments from United States Presidential candidate, Donald Trump. He expressed a subtle support for both Bitcoin and cryptocurrency in general.
Although Trump denied purchasing Bitcoin himself, he hinted at being open to the idea of U.S. citizens conducting BTC transactions, referring to it as "an additional form of currency".
Bitcoin market observers are now watching closely to see where the bull market goes next. Keith Alan, co-founder of trading resource Material Indicators, suggested that $75,000 should be reached to tap into low-liquidity conditions and accelerate gains even more.
Alan added that corrections of up to 50% within bull markets have been standard in the past. However, the buying pressure from U.S. spot Bitcoin exchange-traded funds (ETFs) could potentially tip the scales in favor of the bulls.
Short BTC positions were hit hard by liquidations on the day, with the initial rise to $71,000 costing shorters around $30 million. Data shows that the first ten days of March liquidated approximately $500 million of shorts.
Finally, resistance is now sitting at $72,800, keeping the spot price in check.
