Bitcoin surged past $75,000 during the Asian morning on Tuesday, hitting its highest level since early February. The move extends an eight-day winning streak, the longest since February 2024’s bull market breakout.
BTC traded above $75,000 as of 1:30 am UTC, up 3% over 24 hours. The asset has now rallied roughly 25% from its February low near $60,000, set when the Iran conflict triggered a broad selloff.
On-Chain Data Suggests Tightening Supply
Exchange inflows, particularly on Binance, have dropped sharply in recent weeks, reducing spot selling pressure. At the same time, the Bitcoin Exchange Whale Ratio has hit a six-year high. Large holders are driving an outsized share of transactions, a pattern that preceded major turning points in past cycles.
Stablecoin issuance and ETF buying have both accelerated alongside the price recovery. US spot Bitcoin ETFs drew roughly $2.1 billion in net inflows over three consecutive weeks, suggesting fresh capital is entering a tightening market.
Capital Rotating from Gold into BTC
Gold slipped below $5,000 last week while Bitcoin gained approximately 7%, fueling rotation speculation. On Polymarket, the probability of BTC reaching $80,000 this month hit a record 56%.
Analysts caution that elevated prediction market readings can signal overheating. Past breakout bets above 60% often preceded profit-taking corrections.
Macro Risks Remain in Play
Global energy markets remain strained, with fuel oil prices at key hubs hitting record levels. Yet Bitcoin has outperformed both equities and commodities amid uncertainty in the Middle East.
The Fed’s rate decision on Wednesday looms as the next major catalyst. A sustained hold above $75,000 could open the path toward $80,000, though the broader corrective structure from late 2025 remains intact.
