TL;DR:
- Inflows into spot Bitcoin ETFs have exceeded $780 million so far this week.
- On-chain data suggests there is sparse supply resistance between the $72,000 and $81,000 levels.
- Analyst Ali Martinez projects that the price could extend toward $84,000 if buying pressure persists.
Optimism is sweeping the crypto market as Bitcoin leads a rally that has taken it above $73,000, a figure the asset had not reached since early February. The pioneer cryptocurrency’s price action marks a notable recovery that, according to experts, has solid fundamentals to continue its upward trajectory in the short term.
The momentum stemmed from the massive accumulation by spot Bitcoin ETFs, which absorbed nearly $776 million last week. Consequently, institutional demand continues to outpace available supply, providing critical support for the price to remain stable at high levels.
In this regard, Ali Martinez revealed that on-chain data paints a favorable setup for bulls. By crossing the $72,000 technical barrier, Bitcoin has entered a low-resistance density zone, which will allow for a more fluid advance toward new targets.
Key Factors Behind the Low On-Chain Resistance
Through the analysis of the Unrealized Price Distribution (URPD), it is evident that the largest cluster of resistance was near $70,685. Having overcome this hurdle, the path to $81,000 appears clear, as there are few historically established sell levels within that range.
Furthermore, the pace of ETF inflows shows no signs of exhaustion, already totaling $789 million in just the first few days of March. This constant flow of fresh capital acts as an engine driving the asset’s technical structure toward a major expansion.
In summary, if the current momentum manages to consolidate, the next major challenge will be located between $83,300 and $84,500. Traders are closely watching these levels, as a confirmed close above them would invalidate any immediate bearish thesis and open the door to renewed all-time highs.
