Bitcoin (BTC) has climbed back above the $73,000 level for the first time since early February, marking a notable recovery for the cryptocurrency. As momentum builds, some analysts believe the move could extend further if current trends remain intact.
Among them is market analyst Ali Martinez, who shared his outlook in a recent post on X. According to Martinez, Bitcoin may be positioning itself for what he describes as a potential relief rally.
ETF Accumulation And Thin On-Chain Resistance
From an on-chain standpoint, Martinez highlighted the role of spot Bitcoin exchange-traded funds (ETFs), which continue to absorb supply at a steady pace. He noted that ETFs purchased approximately $776 million worth of BTC last week alone.
The pace has not slowed this week. Since the week began on March 2, ETF inflows have already reached around $789 million — and the week is still ongoing. That scale of accumulation points to sustained institutional demand, which can provide meaningful support during breakout attempts.
Beyond capital flows, Martinez also pointed to blockchain data that suggests limited resistance immediately above current price levels. Using the URPD (UTXO Realized Price Distribution), he observed that a major resistance cluster previously sat near $70,685.
With Bitcoin now above the key price zone of $72,000, the supply concentration between this area and $81,000 appears comparatively thin. According to CoinGecko data, the BTC price has surged 7% to $73,200 at the time of writing.
In practical terms, this means there are fewer historically established sell levels within that range. If buying pressure continues to build, Martinez believes that the Bitcoin price could move more freely through this “low supply” area.
Bitcoin Rally Could Extend Toward $84,000
The next significant concentrations of supply, according to Martinez, are positioned around $83,307 and $84,569. Those levels may serve as stronger resistance should Bitcoin’s rally extend into that territory.
Martinez concluded that a confirmed breakout above current levels, supported by persistent ETF inflows, lighter on-chain resistance, and strengthening technical structure, could create the conditions for a short-term expansion higher.
Featured image from OpenArt, chart from TradingView.com
