Bitcoin prices rose to nearly a six-week high on Tuesday, March 17, as investors lapped up riskier assets, driven by optimism that market volatility linked to the Middle East conflict may be easing.
The world’s largest cryptocurrency rose more than 4% to $75,921 — its highest level since February 4 — before trimming some gains. Despite the gains, Bitcoin remains roughly 40% below its record peak reached in October.
Smaller and more volatile digital assets posted even sharper gains. Solana and XRP each surged as much as 7%, while Ether, the second-largest cryptocurrency, jumped up to 10% — more than double Bitcoin’s rise. Ether’s rally, its strongest since March 4, pushed the token to the highest level since early February.
What’s driving bitcoin prices today?
According to Akshat Siddhant, Lead Quant Analyst at Mudrex, Bitcoin is extending its upward momentum as renewed buying interest strengthens the narrative of BTC as a digital safe-haven asset.
Institutional participation remains a key driver, with Strategy purchasing about $1.57 billion worth of BTC and Bitcoin ETFs recording inflows of over $783 million, he noted.
Meanwhile, Avinash Shekhar, Co-Founder & CEO, Pi42, believes that Bitcoin is showing early signs of entering a structural accumulation phase, with on-chain data indicating steady buyer absorption and continued decline in exchange balances.
“Investors appear to be moving assets into long-term custody even as prices hold near the psychologically important $70,000 zone. Renewed institutional participation through ETF inflows and visible whale accumulation is also helping build a stronger demand base despite global macro uncertainty,” Shekhar said.
Bitcoin has held up better than many traditional assets during the conflict with Iran that began in late February. While gold has declined around 5% this month, Bitcoin has gained more than 12%.
Meanwhile, a drop in oil prices boosted equities and bonds on Monday, amid hopes that more tankers will be able to pass through the Strait of Hormuz. Sentiment was further supported by indications that developed nations could release additional strategic stockpiles.
Can Bitcoin reach $80,000 again in near term?
Siddhant of Mudrex said that the Fed’s guidance after the upcoming FOMC meeting could play a major role in shaping the next market move.
“With buyers regaining control, the next resistance zone lies between $80,600 and $85,000. However, the bullish structure would weaken if BTC closes the week below $68,000,” he said.
Meanwhile, Shekhar of Pi42 highlighted that gradual allocation strategies such as staggered buying, maintaining adequate liquidity buffers, and focusing on long-term portfolio balance can help navigate ongoing volatility.
“Watching key resistance levels around $73,000 to $75,000 will be important, as a sustained move above this range could indicate the next expansion cycle while consolidation in the near term remains likely,” Shekhar added.
On the overall crypto market outlook, Riya Sehgal, Research Analyst, Delta Exchange, said that the crypto market is showing broad-based strength, with most major assets trading higher and sentiment remaining positive.
Across the market, altcoins such as XRP, Solana, and Cardano are showing strength, reflecting rotation into the altcoin segment, according to Sehgal.
Ethereum is outperforming with a 6% gain and continues to lead the market. ETH is currently testing the $2,350–$2,400 resistance zone after a sharp rally, indicating short-term exhaustion, Sehgal opined.
“A sustained breakout above $2,400 could trigger a move toward $2,500–$2,650. However, a pullback toward $2,200 or even $2,100 remains likely before continuation, given the extended move,” she added.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
