Donald Trump’s endorsement of Bitcoin bolsters BTC price, aiming for $73K

Bitcoin (BTC) continued to reach new all-time highs as it approached $73,000 during the Wall Street open on March 11.
BTC/USD 1-hour chart. Source: TradingView
Bitcoin gains another 5%
According to data from Cointelegraph Markets Pro and TradingView, Bitcoin hodlers enjoyed another winning day as the price of BTC increased by nearly 5%.
After a brief retracement following the weekly close, BTC/USD made a strong comeback during the Asia trading session. The positive sentiment was fueled by the subtle support of Bitcoin and cryptocurrencies by United States Presidential candidate, Donald Trump.
“Well, it’s taken on its own life and I do little things sometimes for fun, you know, make money with it, I have fun with it too,” he said during an interview on CNBC’s Squawk Box.
While Trump denied personally owning Bitcoin, he hinted at the possibility of allowing U.S. citizens to use BTC for transactions, referring to it as an “additional form of currency.”
With the market firmly in an upward trend, Bitcoin observers eagerly awaited the next move of the bull market.
However, Keith Alan, co-founder of trading resource Material Indicators, remained cautious and suggested that Bitcoin needed to reach $75,000 in order to tap into low-liquidity conditions and accelerate gains even further.
“The market feels toppy, but I’m more concerned about high flying #alts than BTC at this stage,” he wrote in a post on X (formerly Twitter), along with a market update explaining Bitcoin’s proximity to the “lifetime channel.”
Alan also mentioned that corrections of up to 50% were common during bull markets. While traders should be prepared for such corrections, he acknowledged that the buying pressure from U.S. spot Bitcoin exchange-traded funds (ETFs) could favor the bulls.
“Bitcoin has a long history of 20% – 50% dumps in bull markets, and they tend to come when you least expect it,” he concluded.
Next price hurdle for BTC: $72,800
As expected, short BTC positions faced liquidations on this day.
BTC liquidations (screenshot). Source: CoinGlass
According to statistics from CoinGlass, shorters lost around $30 million during the initial climb to $71,000, with the total increasing further.
In the first ten days of March, approximately $500 million of short positions were liquidated. If Bitcoin surpasses $73,000, this total is set to increase by nearly $100 million.
CoinGlass also indicated strong resistance at $72,800, which is currently keeping the spot price in check.
BTC/USDT perpetual swap liquidity heatmap for Binance (screenshot). Source: CoinGlass
It is important to note that this article does not provide investment advice or recommendations. Investing and trading always involve risks, and readers are advised to conduct their own research before making any decisions.