BTC has demonstrated resilience this week, holding onto its gains and signalling a reluctance among traders to cash out, even as it approaches the $70,000 threshold. The number of Bitcoin whales, individuals holding over 1,000 Bitcoin, has surged to 2,104 as of March 7, indicating their confidence in the ongoing uptrend. Despite attempts by bears to halt BTC’s climb near $70,000, bulls have shown resilience, with minor dips swiftly met with buying pressure. This rally has greatly improved sentiment across the cryptocurrency sector and propelled the global total value locked (TVL) in decentralised finance (DeFi) protocols past the $100 billion mark for the first time in about two years.
At the time of writing BTC was trading at $68,372.
Bitcoin after taking multiple support at $40,000 resumed the up move and rallied up to $52,985. The asset faced stiff resistance at $52,000 and started consolidating between $52,000 and $50,000. After this move, BTC finally gave a breakout above the range and surged to $69,990. The asset broke its previous all-time high of $69,000 but is struggling to give a daily close above that level. To further rally, BTC needs to close and sustain above $69,000 whereas $60,000 will act as a strong support for the asset.
Key Levels:
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2. |
| $52,000 | $60,000 | BTC | $69,000 | $85,000 |
