Bitcoin reached a weekly high on March 13, trading briefly near $72,000. The surge pushed the token back above the key $70,000 level, showing resilience despite rising geopolitical tensions between the United States and Iran.
Bitcoin was trading around $71,400, up about 1.2% on the day. Analysts say the rebound comes even though global risk sentiment is fragile, and uncertainty in oil markets typically weighs on speculative assets like BTC.
On-chain data indicates that many traders are still skeptical of the rally. Funding rates on Binance have remained negative for about a week, meaning most leveraged traders are betting against further price gains.
Interestingly, extreme negative funding rates can sometimes fuel further upside. If BTC continues rising, short sellers may be forced to close positions, triggering a short squeeze and accelerating the rally.
Technical indicators support the bullish case. The Relative Strength Index (RSI) sits around 54, suggesting growing momentum while remaining far from overbought. The Awesome Oscillator has also shifted from negative territory in February to positive bars above zero, signaling fading bearish pressure.
Immediate resistance is seen near $72,000. If BTC breaks that level, the next targets could be $75,000. On the downside, support sits between $68,000 and $69,000, while $70,000 remains a critical psychological level to maintain bullish momentum.
Overall, Bitcoin’s performance shows strong recovery and growing optimism in the market, even as geopolitical risks and short positions remain in play.
