Bitcoin is approaching $75,000 in what traders describe as a major short squeeze. The rapid climb to this level reflects intense positioning pressure as short sellers rush to cover their positions.

Bitcoin drew bullish calls on March 17 as the crypto market rebounded, with analysts citing technical and structural factors that could support a move toward $85,000–$90,000, ChainThink reports. Trader Eugene said he switched to a long position, pointing to relative strength in crypto versus global risk assets and rounded-bottom patterns in many altcoins, while analyst Murphy noted the BTC options setup after the March 20 expiry will center around $75,000 and shift from "volatility suppression" to "volatility amplification", with Call open interest notably exceeding Put open interest at that level. Glassnode data show heavy negative gamma near the $75,000 strike could magnify upside as market makers hedge short calls, while Bernstein and others highlighted a more resilient Bitcoin ownership base driven by spot ETFs and corporate treasuries.

Bitcoin and Ethereum quarterly options expiring Jan. 31 show the largest open interest at strike prices of $75,000 and $2,350 respectively, Deribit data show. Both strikes align with current spot prices and represent the highest concentration of open contracts in the market.

Bitcoin has remained comparatively stable as stocks, bonds and real estate trade lower in the current market downturn, according to commentary from @_dsencil and @graminitha1. The two commentators discuss why they believe parts of the crypto market, including Bitcoin, may already be positioned ahead of the ongoing crisis.

Bitcoin and Ethereum quarterly options are set to expire on March 21 at strike prices of $75,000 and $2,350, respectively, aligning with current spot levels, Deribit data show. BlockBeats reports the expiry coincides with the largest open interest in the market. Both strike prices match prevailing market prices as of March 17.

Spot Bitcoin ETFs recorded a combined net inflow of $199 million on March 16, data from Trader T show. BlackRock's IBIT led with $139 million in inflows, followed by Fidelity's FBTC at $64.53 million, Bitwise's BITB at $2.82 million, and Franklin's EZBC at $2.14 million. Ark's ARKB reported a net outflow of $3.07 million and VanEck's HODL saw an outflow of $6.28 million, while all other spot Bitcoin ETFs posted zero net flows.

Bitcoin rose above $75,000 in the latest session, extending its bullish momentum. The move marks a breakthrough of the key price level for the leading cryptocurrency.

10x Research reported via X that the recent Bitcoin and Ethereum market surge caught many participants by surprise. The firm highlighted that crypto stock Circle has climbed approximately 103% since February 20, attributing this to a short-covering rally fueled by significant hedge fund short positions. On February 27, 10x Research recommended a Bitcoin call spread at $75,000/$80,000, expiring March 27, a strategy that has since yielded a 155% return. While some institutions are reallocating portfolios into high-elasticity crypto proxy equities such as MicroStrategy and Metaplanet, 10x Research advises against substantial allocations to crypto service providers like Coinbase, preferring direct Bitcoin exposure through spot, options, and perpetual contracts.

MicroStrategy's extensive Bitcoin holdings have officially turned profitable, registering an approximate $120 million unrealized gain as Bitcoin (BTC) reached $75,858 on March 17. This marks a 0.21% profit on its total investment. As of March 15, 2026, the enterprise software firm held a substantial 761,068 BTC, acquired at a total cost of approximately $57.61 billion, equating to an average purchase price of $75,696 per BTC. Recent acquisitions include 17,994 BTC for $1.28 billion at an average of $70,946 per BTC between March 2 and 8, and an additional 22,337 BTC for $1.57 billion at $70,194 per BTC in the most recent week, as reported by ChainThink.