Crypto Stocks Surge as Bitcoin Price Holds Above $70K

The Bitcoin price is trading at $70,226 as of 2:45 am EST, up 0.16% over the last 24 hours.

BTC rallied on March 25 after a relatively quiet weekend, as crypto stocks also surged in tandem with Bitcoin's price.

The pioneer cryptocurrency rose back above the $70,000 level on Monday for the first time in over 10 days, according to data from CoinMarketCap. The BTC price rose rapidly from a low of $66,381 on March 25, climbing 7.84% to a new weekly high of $71,582 on Tuesday. The big crypto has

MicroStrategy (MSTR) and crypto-related stocks also rallied on Monday and recorded double-digit gains over the last week, somewhat mirroring BTC's 10% gains over the same period.

MicroStrategy (MSTR) gained 22% on Monday, following BTC's accent above $70,000. Coinbase (COIN) also recorded 9% gains on the day. At the time of publication, Microstrategy and Coinbase prices were up 31.5% and 18%, respectively, over the last 24 hours.

MicroStrategy and its founder, Michael Saylor, are renowned for their support of Bitcoin as a digital gold and store of value. The company has massive BTC holdings.

On March 11, the business intelligence company bought an additional 12,000 BTC for approximately $821.7 million. The company now holds 205,000 BTC worth $6.91 billion in its treasury as a hedge against inflation.

Bitcoin mining stocks also followed BTC's recent bullish price action. Riot Platforms (RIOT) — one of the largest Bitcoin mining firms by market capitalization — registered 8.28% gains on Monday and is now up 2.55% over the past week. One of the largest Bitcoin miners, Marathon Digital Holdings (MARA), is up 4% in the past seven days.

Bitcoin price offers premium price for short-term traders at $70,000

After reaching a new all-time high of $73,835, profit-booking kicked in, and sellers booked profits, leading to a 17.69% drop to $60,771. Buyer congestion at $60,000 provided support for the price, which has since recovered 15% of these losses.

The current level lies between the 61.8% and 78.6% retracement levels, which offers premium prices for traders to take profits. If this happens, the price will drop toward the 50% retracement level at $67,303 and the psychological level at $65,000.

Lower than that, the largest crypto by market capitalization will drop to revisit the local low at $60,771. Such a move would represent a 13% decline from the current levels.

TradingView Chart: BTC/USD

On the upside, the relative strength index (RSI) was moving within the positive region above the midline. The price strength at 59 suggested that the market conditions still favored the upside.

As such, increased buying would see BTC rise from the current levels first toward the 78.6% Fibonacci level at $71,039 and later to the all-time high at $73,835. A daily candlestick close above this level would usher Bitcoin into price discovery as the bull market gets underway.