Bitcoin Surpasses $75,000: Short Liquidations Exceed $330 Million, Continuous ETF Inflows Drive Market Rally

Gate News reports that on March 17, Bitcoin price temporarily rose to $75,937 in Asian morning trading, hitting a six-week high and successfully breaking through the key $75,000 level. This upward movement was accompanied by a large-scale short squeeze, further strengthening market momentum.

Data shows that in the past 24 hours, the crypto market’s liquidation volume approached $498 million, with over $330 million in short positions. Bitcoin-related liquidations alone reached approximately $118 million, indicating that short positions established earlier in early February are being heavily covered. As the price breaks above an important resistance level, market sentiment has significantly improved, and some funds are beginning to re-enter long positions.

Meanwhile, mainstream altcoins also gained strength, with assets like MemeCore, Fetch.ai, and Zcash recording double-digit gains, reflecting a risk appetite revival and sector rotation.

On the capital front, the continued inflow of institutional funds into spot Bitcoin ETFs remains a key support. Data shows that in the U.S. market, 12 spot Bitcoin ETFs experienced a daily net inflow of over $200 million, maintaining net inflows for six consecutive days, with a total scale approaching $1 billion, indicating steady institutional demand.

On the macro level, tensions in the Middle East have somewhat increased the demand for safe-haven assets. Against the backdrop of relatively flat gold and silver performances, Bitcoin is once again viewed by some investors as an alternative safe-haven asset.

Technically, Bitcoin’s daily chart shows an arc bottom pattern, with the 20-day moving average gradually approaching the 50-day moving average, signaling a short-term bullish trend. The immediate resistance is concentrated around $79,000, coinciding with a key Fibonacci retracement zone. A successful breakout could see the price further challenge the $89,850 region.

Support levels are at around $72,000; if broken, a phase correction may occur. As of press time, Bitcoin is fluctuating near $74,000, with a weekly gain of approximately 6%.