Bitcoin has surged back above $73,000, a level not seen since early February. Market analyst Ali Martinez suggests this momentum could drive a further relief rally.
Spot Bitcoin ETFs are accumulating supply, purchasing approximately $776 million last week and nearly $789 million this week already. This sustained institutional demand provides significant support.
On-chain data indicates thin resistance above current price levels, with major clusters previously near $70,685. With Bitcoin now trading above $72,000, the supply between this zone and $81,000 appears less concentrated, allowing for potentially freer price movement.
Analysts believe that a confirmed breakout, supported by ETF inflows and reduced on-chain resistance, could push Bitcoin's price toward the next supply zones around $83,307 and $84,569.