Bitcoin (BTC<\/a>) is testing the $71,500 pivot, a key level across multiple timeframes and analysts noted that price action is tilted toward a possible rally to $80,000.<\/p>\n As traders remain split between futures-driven speculation and weak spot demand, Bitcoin has tested the $71,500 inflection point four times in the past seven days. A positive is that the price has held above the 50-period exponential moving average (EMA) on the four-hour chart, but the 50-day EMA on the daily chart continues to act as a level of resistance.<\/p>\n Crypto trader Skew described<\/a> the position as a \u201ccompression zone,\u201d where the tightening price range and trading may lead to a strong directional move.<\/p>\n A bullish inverse head and shoulders pattern is also forming on the four-hour chart, with $71,500 acting as the neckline.\u00a0<\/p>\n A confirmed breakout places the immediate technical target near monthly highs at $76,000, a 7.35% move from current levels. Market analyst Mikybull extends this projection toward $80,000<\/a>.<\/p>\n Another onchain signa<\/a>l points to the possibility of a 10% to 14% Bitcoin rally. The seven-day standard deviation of short-term holder realized profit and loss flows to Binance dropped to 255 on March 24, returning to a level seen before prior rallies.<\/p>\n A similar reading near 277 on Feb. 27 was followed by a 14% rise, while a level around 289 in late December preceded a near 10% gain. The current compression shows a decline in sell-side volatility, with the short-term holder distribution becoming more controlled.<\/p>\n Related:\u00a0Bitcoin holders shift from panic to cash-buffer discipline as volatility deepens<\/strong><\/em><\/a><\/p>\n The recent price strength followed market optimism tied to a potential ceasefire in the US and Israel-Iran war, but on Wednesday, Iran rejected the US peace proposal and outlined its own conditions for ending the conflict, according to the Kobeissi Letter.<\/a><\/p>\n BTC held steady through the update, while sensitivity to the US dollar strength and energy prices continues to guide short-term reactions.<\/p>\n The derivatives positioning shows increased activity. BTC open interest (in terms of USD) has risen by $500 million to $16.5 billion over the past 24 hours, with funding rates turning positive at 0.03% since Monday. The latest rally toward $70,000 was driven largely by futures markets.\u00a0<\/p>\n The spot participation lags, with a weak aggregate cumulative volume delta of -$87 million and a negative Coinbase premium signaling softening US-based demand. Thus, the order flow data points to a distributive nature between buyers and sellers across the spot and futures markets.\u00a0<\/p>\n Skew explained<\/a> that for Bitcoin to sustain a breakout above $71,500, the rally needs to be backed by stronger underlying demand, specifically, strong buyer support, steady accumulation, and continued absorption of selling pressure from short traders.\u00a0<\/p>\nWill $80,000 be Bitcoin\u2019s next stop?<\/h2>\n
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Bitcoin orderflow data remains split<\/h2>\n
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