In recent trading sessions, Bitcoin (BTC) has surged past $72,000, reaching a peak of approximately $73,130. Maintaining its position above the 100-hour simple moving average (SMA), intraday resistance is identified around $73,250, with target levels set between $74,000 and $75,000. Key support levels are noted at $71,250, $70,500, and $69,500.
Emerging reports suggest that Iran may adopt Bitcoin for tanker toll payments in the Strait of Hormuz. This would involve using QR codes, Bitcoin addresses, and the Lightning Network for quick transactions, with stablecoins and the Chinese yuan also being considered for these payments.
Currently, Bitcoin is trading near $72,212, reflecting an increase of approximately 7.8% over the week. Traders have pointed to a rise in demand against a backdrop of limited sellable supply, even amidst ongoing bearish market conditions. A report from Glassnode highlights that a significant portion of Bitcoin supply is concentrated in the $78,000 to $80,000 range, with short-term holders having a cost basis around $80,000. The observed open trading zone spans from $72,000 to $82,000, suggesting that supply might cap any upward movement beyond $82,000 to $85,000.
On the options market front, around 26,700 Bitcoin options, totaling roughly $1.9 billion in notional value, were set to expire on April 10, indicating a relatively modest expiry compared to historical records.
According to on-chain data, about 59% of the Bitcoin supply is currently in profit, surpassing the 50% threshold typically seen near previous market bottoms. Traders are advised to closely monitor the profit-sharing ratio and price movement for potential risk indicators.
In efforts to enhance security, two proposals have been introduced that would incorporate hash-based one-time signatures into Bitcoin Script. This aims to mitigate quantum attack risks without necessitating a protocol fork, although these measures are experimental, costly (approximately $75 to $150 per transaction), and currently limited (not supporting Lightning transactions).
In terms of large transactions, Druk Holding recently transferred 250 BTC, equivalent to around $18 million, to a new wallet. This move is part of a broader trend, with outflows between 2026 reaching approximately $233.8 million, and current tracked addresses holding close to 3,774 BTC, valued at about $272.5 million.
Technical analysts note that Bitcoin USD presents a rounded bottom chart pattern with a rising neckline and developing handle. The Relative Strength Index (RSI) stands at 58.4 and has shown hidden bearish divergence between March 4 and April 9, signaling that breakout attempts could potentially encounter pullbacks.
Looking ahead, analysts forecast a bottom for Bitcoin around late 2026, with a two-year accumulation period followed by a cycle peak anticipated in late 2029. The next Bitcoin halving is expected to occur in April 2028, with historical trends suggesting that price peaks typically follow by 12 to 18 months.
