The price of Bitcoin climbed to a weekly high on March 13, defying geopolitical concerns tied to rising tensions between the United States and Iran.
- Bitcoin price reached a weekly high near $72,000, holding above the $70K level.
- Negative funding rates on Binance suggest many traders are still shorting the rally.
- A potential short squeeze could push $BTC toward $75K if the rebound continues.
Bitcoin ($BTC) was trading around $71,400, up about 1.2% on the day, according to the chart data, after briefly touching an intraday high near $72,000. The move pushed the world’s largest cryptocurrency back above the key $70,000 psychological level.
The rebound comes despite a fragile macro environment. Ongoing geopolitical tensions and concerns surrounding global oil markets have weighed on broader risk sentiment, conditions that typically make it difficult for speculative assets like Bitcoin to outperform.
However, on-chain data suggests that many traders remain skeptical about the rally.
According to market insights from CryptoQuant, derivatives market positioning shows a growing bearish bias among investors. Funding rates on Binance have remained negative for roughly a week, indicating that a majority of leveraged traders are betting against further price gains.
On March 10 and March 11, funding rates on Binance reportedly dropped below −0.006, an unusually negative level that signals strong short positioning in the market.
This dynamic could paradoxically support further upside for Bitcoin.
Historically, when funding rates reach extreme levels and a strong consensus forms around a bearish outlook, markets sometimes move in the opposite direction. If Bitcoin continues to push higher, short sellers may be forced to close positions, triggering a short squeeze that could accelerate the rally.
Bitcoin price analysis
The attached chart shows $BTC gradually recovering from its February lows near $63,000, forming a sequence of higher lows in recent weeks.
Momentum indicators are also improving. The relative strength index (RSI) is around 54, suggesting bullish momentum is building while still remaining far from overbought territory.
Meanwhile, the Awesome Oscillator (AO) has shifted from deep negative territory in February to positive green bars above the zero line. The steady transition from red to green histogram bars indicates that bearish momentum has faded and bullish momentum is strengthening.
Importantly, the AO shows increasing positive bars in recent sessions, which typically signals growing upside momentum as short-term market strength begins to outpace the longer-term trend.
From a technical perspective, $72,000 represents the immediate resistance level. A confirmed breakout above that area could open the door for a move toward $75,000.
On the downside, $68,000–$69,000 acts as key support, while the $70,000 level remains a critical psychological threshold for maintaining bullish momentum.