Gate News reports that on March 10, Bitcoin rose approximately 4.5% for the day, breaking through the $71,500 local high. Despite ongoing geopolitical tensions in the Middle East and fluctuations in global oil prices, Asian markets and U.S. stocks performed steadily, with the S&P 500 and Nasdaq Composite rising about 0.5%.
Regarding future market directions, several analysts have differing opinions:
Trader Jelle on X stated that the market is about to indicate its next move. If it recovers the resistance level again, bulls will have a short-term advantage; if rejected, a deviation and retest of the downside could make $60,000 the next target.
Analyst Michaël van de Poppe pointed out that Bitcoin is benefiting from a strong rebound in Nasdaq, and the recent dip caused by a sudden surge in oil prices has been absorbed. The market is now recovering, and with decreased Middle East uncertainty, Bitcoin and altcoins may see more upside potential.
CryptoReviewing, co-founder of the anonymous trading community Wealth Capital, believes that $68,000 is a key observation level, as it is where the largest single liquidation cluster is located, possibly leading to a sell-off.
Independent analyst Filbfilb stated in a YouTube video that Bitcoin lacks enough momentum to reclaim the moving average support, and bears may enter near the 50-day moving average.
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