Bitcoin defends the $70,000 level…Attempts to extend gains while holding long-term support

Bitcoin (BTC) is sustaining its upward trend around the $70,000 level while holding long-term support.

According to Cointelegraph on the 15th (local time), Bitcoin climbed intraday to around $72,000 before seeing a modest pullback, but it is still trading above key support zones. Bitcoin is now attempting to post a seventh consecutive session of gains, raising the possibility of recording the highest daily close since early March.

The price is moving above key long-term gauges, including the 200-week exponential moving average (EMA), as well as the $68,300 and $69,400 levels that marked the pre-2021 record-high zone.

Cryptocurrency trader Michaël van de Poppe wrote in a recent analysis on X that “last Friday’s Bitcoin pullback was simply due to risk-off positioning ahead of the weekend,” adding that “the market is back in an uptrend, and while a short-term dip to fill the CME gap is possible, it could then grind higher toward the $75,000–$80,000 resistance zone.”

He also previously flagged the possibility of revisiting $71,325, the Friday close for CME Bitcoin futures.

Bitcoin is up about 8% on the week and has gained about 6.7% so far in March.

Still, macro uncertainty remains an overhang. WTI crude is again attempting to break above $100 a barrel amid the impact of a global supply shock.

Cryptocurrency analyst Kyle Doops said, “If the macro backdrop were stable, the current structure could have led to a strong relief rally,” adding, “in an environment like this, it’s hard to say downside risks have been fully cleared.”

He put Bitcoin’s medium-term trading range at roughly $54,400 to $78,400, explaining that “each time price pushes above $70,000, we’re seeing gradual profit-taking supply rather than panic selling.”