Bitcoin was trading in a consolidation range between $63,017 and $72,720 from early February 2026. BTC has now broken this range and is also trading above its 50-day Exponential Moving Average (EMA).
At the press time, BTC is trading at $74,065.48 with a 3.57% increase in the last 24 hours.
This positive comes amid the ongoing US-Iran conflict and global equity turmoil.
Analyst View
"This indicator often signals the medium-term trend, and a confident break above it would be an important turning point in the coming days," Alex Kuptsikevich, senior market analyst at FxPro, said in an email.
The positive breakout doesn't guarantee a sustained uptrend. A similar instance happened in January when the price increased 8%, but it could not sustain the momentum and lasted only two weeks before selling pressure resumed.
Technical Structure
As BTC is trading above its 50-day EMA, a decisive close above the EMA could confirm a breakout rally, targeting the 50% trend-based Fibonacci retracement level at $79,064, measured between the high recorded on 6 October 2025 at $126,199 and the high recorded on 14 January 2026, at $98,061.
The Moving Average Convergence Divergence (MACD) shows a steady increase and crosses above the zero line amid rising bullish histograms as upside momentum builds.
Additionally, the Relative Strength Index (RSI) is at 59.74, rising above the midline with a similar upward trend, backing the bullish bias.
A bearish close would reignite the downside pressure and could drag the asset again to the $70,000 level.
Crypto Fear and Greed Index stands at 41 in the neutral territory, recovering from the Fear zone from last week.
Additionally, institutional demand for BTC has increased as the asset experiences five consecutive sessions of inflows netting $767.33 million last week, according to SoSoValue. This marks the third consecutive week of inflows.
Amid this renewed demand, Santiment data shows that Bitcoin exchanges' reserves are down to 1.15 million BTC, while the percentage of Bitcoin's total supply is down to 5.744%, the lowest since November 2017.
Broader Market View
The Federal Reserve meeting on March 17-18, 2026, comes with a different context than it had a week ago, after BTC's above 3.5% gain.
Oil prices remain elevated, trading above $100, but the Strait of Hormuz showing signs of reopening changes the inflation view.
The dot plot and Powell's press conference on Wednesday will determine whether the market's rate cut hopes will survive or not.