Bitcoin Is Steadily Reaching New Local Highs

Bitcoin Near $73K: Market Enters Crucial Breakout Phase

The crypto market capitalisation has risen by 1.19% over the past 24 hours to $2.45 trillion. The crypto market has weathered a short-term consolidation phase following a growth surge quite successfully, consolidating above its 50-day MA, which is one of the first signs of a reversal in the medium-term trend towards a bullish tone. Today’s top performers include Dash (+17.45%), Zcash (+16.61%) and Theta Network (+10.97%). The underperformers were VeChain (−1.18%), Hedera (−0.99%) and OFFICIAL TRUMP (−0.88%).

Bitcoin is cautiously testing new local highs, briefly rising above $73K on Thursday, although it is currently trading just below $72K. These fluctuations around local highs and the cautious renewal of them appear to mark a new phase following a prolonged period of hovering near the bottom and a cautious upward trend since late March. However, the market still needs to pass an important test by breaking out of the 61.8% retracement of the decline seen at the start of the year. It cannot be ruled out that the bears are simply giving the market more room to move below their key levels near $75K.

Crypto News

Standard Chartered forecasts that Bitcoin could fall to $50K in the near term, then recover to $100K by the end of the year. In the long term, the bank’s target price is $500K by 2030.

According to Lookonchain, Bhutan is preparing to sell $22.7 million worth of Bitcoin. The country’s government has transferred 319.7 BTC to two different wallets. Publicly listed mining company Cango sold 2,000 Bitcoin for $143 million in March to repay debts.

US bank Morgan Stanley has launched its own spot Bitcoin ETF with reduced fees. Demand for digital gold from high-net-worth clients remains high, the bank notes.

According to CryptoQuant, trading volume on centralised crypto exchanges fell by 48% from its October 2025 peak to $4.3 trillion in March, reaching its lowest level in the last five months.

On 9 April, the Catchain 2.0 update was successfully activated on the TON network, increasing throughput tenfold. According to Pavel Durov, the blockchain now creates blocks six times faster, and transactions “take place instantly, in less than a second”.

The FxPro Analyst Team