Bitcoin Holds Above $70,000 as Analyst Sees Further Upside
Bitcoin has recently come under pressure from the escalating conflict in Iran, the closure of the Strait of Hormuz and damage to energy facilities, while Brent crude climbed above $110 a barrel. The U.S. Federal Reserve held interest rates unchanged but adopted a more hawkish stance, cooling expectations for rate cuts. André Dragosch, Bitwise’s head of research for Europe, said BTC had already priced in the strain from tighter financial conditions.
As of March 20, 2026, Bitcoin traded at about $70,608, holding above $70,000 after retreating from more than $75,000 a week earlier. Farside Investors data showed U.S. spot Bitcoin ETFs recorded $90.2 million in net outflows for the day, although cumulative net inflows still stood at $56.26 billion. Dragosch therefore said the market could be forming a bottom.
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The history behind this eventBitcoin Analysts See Further Upside, Eye Key $78,000 Level
Bitcoin has fallen about 41% from its record high of $126,000 and slipped below several onchain cost-basis benchmarks, leaving the latest rebound as a test of whether the bearish trend can be reversed. Glassnode gauges selling pressure by the share of short-term holder supply in profit and assesses overhead resistance using the active supply cost basis. Both indicators will be critical to whether the rally can continue.
On April 16, 2026, Cointelegraph cited Glassnode as saying Bitcoin's rise to $76,000 had turned the short-term trend bullish. The share of short-term holder supply in profit stood at 43.2%, still below the 54.2% level commonly seen at rebound peaks. The next hurdle is the True Market Mean at $78,140, with more than 200,000 BTC previously purchased near $78,000. On April 17, analysts said the price needed to hold firmly above $76,000.
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