Bitcoin pushed back above the $74,000 mark, returning to price levels last seen in early February. On March 16, the BTC price on Bitstamp reached $74,425, its highest level since February 4.
The move capped a strong week for the cryptocurrency. Bitcoin gained 10.3% over the past seven days, while the weekly candle closed above the 200-week exponential moving average (EMA), a long-term technical level that many traders view as the dividing line between bull and bear markets.
The breakout was spotted in real time by analysts at The Kobeissi Letter, who highlighted the strength of the move as Bitcoin regained key momentum levels.
Ethereum also followed the rally. Market commentator Ash Crypto noted that ETH climbed to $2,250, signaling renewed strength across the broader crypto market.
Seven Green Days Put Traders on Alert
The technical structure is reinforcing bullish sentiment. Bitcoin has now closed seven consecutive daily candles in positive territory, a rare streak in the market.
Investor Crypto Rover pointed out that a similar run of green candles was last seen after the market formed a bottom during previous macro shocks.
Bitcoin is now attempting to close its eighth consecutive green session, something that often precedes a sharp market move.
What usually happens after such streaks
Trader Jelle noted that extended streaks like this tend to resolve in one of two ways:
- a strong continuation rally, or
- a sharp corrective move after momentum overheats.
For now, analysts are watching the daily close and potential tests of recent highs to determine the next direction.
Not every trader expected this outcome. Market participant Ed_NL admitted that last week’s price action surprised him, as he had anticipated a pullback before Bitcoin reached the current resistance area.
Instead, the market moved higher much sooner than expected.
Bitcoin Diverges From Traditional Markets
Bitcoin’s latest rally has also stood out because it came while traditional markets weakened.
According to Bitfinex, Bitcoin gained more than 4% over the weekend, even as major stock indices declined. At the same time, oil prices surged past $100 per barrel amid growing tensions in the Middle East.
Analysts from Bitfinex Alpha noted that this divergence between Bitcoin and equities has begun to emerge during periods of geopolitical uncertainty. The key question now is whether the trend continues.
Whale Activity Reaches Six-Year High
Another signal catching analysts’ attention is the behavior of large holders.
Data from the CryptoQuant analytics platform shows that the Exchange BTC Whale Ratio, which measures the share of large transactions on exchanges has reached its highest level in six years.
Historically, increases in this indicator often appear near short-term market bottoms, while peaks can signal the early stages of a new upward trend.
CryptoQuant founder and CEO Ki Young Ju added that sentiment among many Bitcoin analysts has recently turned decisively bullish.
Whether the current rally evolves into a sustained breakout or pauses after its strong momentum streak may become clearer in the coming sessions.
Source: https://coinpaper.com/15460/bitcoin-climbs-back-whale-activity-hits-six-year-high-amid-stock-market-decline
