Bitcoin Price Soars Above $75,000 Today—Analysts Say $100K Could Be Next

Bitcoin price today surged to an intraday high of $70,900 before settling near $70,400, extending last week’s rebound and keeping BTC within striking distance of its all-time peak. The move adds momentum to a rally that has already lifted the world’s largest cryptocurrency more than 180% year-over-year. Institutional demand intensifies • Spot Bitcoin ETFs notched a 10-day net inflow streak, absorbing more than 28,000 BTC since mid-March, according to Bloomberg terminal data. • CME futures open interest climbed to a record $15.3 billion, signaling growing participation from professional traders. Macro tailwinds support bulls A softer U.S. dollar following the Federal Reserve’s dovish March policy update and renewed expectations for a June rate cut pushed risk assets higher; Bitcoin, which historically shows an inverse correlation to the DXY, benefited alongside tech equities. Analysts at Galaxy Digital note that every 25-bp Fed cut has translated to an average 14% one-month BTC gain since 2017. Halving countdown fuels supply squeeze narrative With fewer than 370,000 blocks remaining until the next block-reward halving—expected in April 2028—miners and long-term holders have tightened distribution. On-chain data from Glassnode shows exchange balances at a six-year low of 2.02 million BTC, limiting readily available supply. Key levels to watch • Resistance: $71,200 (March 21 swing high) and $74,000 (historic intraday record) • Support: $68,400 (20-day EMA) and $64,800 (February range floor) Upside scenario: A daily close above $71,200 could open the door to price discovery toward $75,000 as momentum traders pile in. Downside scenario: Failure to hold $68,400 risks a slide toward $64,800, where on-chain realized price clusters suggest strong bid interest. Alt-coin spillover Ethereum climbed 2.1% to $3,850, while Solana added 4.7% after Visa announced an expanded USDC pilot on the Solana network. Total crypto market capitalization now sits at $2.62 trillion, with Bitcoin commanding a 52.1% dominance share. Outlook Sentiment gauges remain elevated—Bitcoin’s Fear & Greed Index printed 78 (“Extreme Greed”)—but derivatives funding rates have moderated, hinting at healthier leverage conditions. If macro data continue to favor risk-on positioning and ETF inflows persist, strategists at JPMorgan see a path to $80,000 by early summer. Investors should monitor Friday’s PCE inflation release and next week’s ETF flow reports for the next directional cues, but for now bulls retain control of the tape.