BTC USD price today hits six-week high: Why Bitcoin, Ether, and XRP are leading the crypto market rally and what’s driving BTC toward $75,000

BTC USD Bitcoin price prediction: Bitcoin price on Monday moved close to a six-week high as investor sentiment improved, with traders returning to riskier assets amid growing optimism that market turmoil linked to the Middle East conflict may be easing.

Bitcoin price (BTC USD) nears six-week high as investor sentiment improves

The largest cryptocurrency rose to about $74,512, its highest level since February 4, before trimming some of those gains. Even with the recent rebound, Bitcoin remains roughly 40% below the record high it reached in October.

Other cryptocurrencies rally alongside Bitcoin

Other major cryptocurrencies also saw strong moves. Ether, the second-largest digital asset, climbed as much as 8% to $2,302, while Solana and XRP each rose by up to 7%.

BTC USD outperforms gold during geopolitical tensions

Despite the war with Iran that began at the end of February, Bitcoin has held up better than several traditional assets. Gold has dropped about 5% this month, while Bitcoin has gained more than 12%. At the same time, US stocks moved higher and oil prices pulled back after earlier gains as hopes increased that more tankers could pass through the Strait of Hormuz, with talks underway to ensure the waterway’s security.

BTC USD price prediction: Analysts say Bitcoin could break $75,000

Caroline Mauron, co-founder of Orbit Markets, said that, “Crypto has been in a bullish mood over the past week despite geopolitical uncertainty,” adding, “A break through $75,000 now appears very possible, as both retail and strategic buyers feel the worst of the crypto drawdown is behind us,” as quoted by Bloomberg.

Data from blockchain analytics firm Glassnode suggests market makers are structurally short call options around the $75,000 level, as per the report. As Bitcoin approaches that price, hedging activity could increase and potentially push the price higher.

BTC USD outlook: Some analysts warn of resistance near $75,000

Some analysts remain cautious, however. Alex Kuptsikevich, chief market analyst at FxPro, said “It is quite possible that near the $75,000 mark, the bears will take control, leaving Bitcoin within a corrective rebound pattern following a decline,” adding, “From a cross-market analysis perspective, the bears have more arguments on their side, but Bitcoin has often moved ahead of the market, reflecting its underlying shifts in sentiment,” as quoted by Bloomberg.

Institutional demand returns to Bitcoin ETFs

Institutional demand appears to be returning as well. Net inflows into the 12 US-listed spot Bitcoin exchange-traded funds reached more than $763 million last week, marking a third straight week of inflows. Total net inflows for March so far have reached about $1.3 billion.

Rachael Lucas, an analyst at BTC Markets, said that, “BlackRock’s IBIT accounted for roughly 78% of those flows, a concentration that reflects conviction buying rather than speculative rotation,” as quoted by Bloomberg.

Corporate buying adds further momentum

Corporate buying also added momentum. Michael Saylor’s Strategy Inc said it purchased nearly $1.6 billion worth of Bitcoin last week, the company’s largest acquisition since January. The coins were bought at an average price of about $70,000, below the current trading level.

The purchase lifted Strategy’s average cost basis to roughly $75,700 per coin and eased pressure after the firm had been facing larger unrealized losses earlier in the month.

Shares of crypto-related companies also rose, with Strategy climbing about 3%, Coinbase Global gaining 2.4%, and Riot Platforms rising around 2%.

Bitcoin increasingly viewed as a macro hedge

Over the past two weeks, Bitcoin has started to behave more like a macro hedge during geopolitical stress rather than purely a speculative asset.

Jeff Mei, chief operating officer at BTSE, said Bitcoin’s next move may depend on how the conflict develops. He pointed out that, “If the conflict looks as if it’s drawing to an end, Bitcoin could very easily recover quickly and retrace back towards the $100,000 mark,” adding, “If the conflict is likely to drag on, Bitcoin could dip back towards the $60,000 mark,” as quoted by Bloomberg.

FAQs

Is Bitcoin still below its all-time high?
Yes, Bitcoin remains about 40% below the record high it reached in October.

Which other cryptocurrencies gained?
Ether, Solana, and XRP also recorded strong gains during the same period.