Bitcoin Price Enters Critical Resistance Zone! Renowned Trader Eugene: Already Reversed to Go Long

Cryptocurrency markets experienced a rebound this morning, with Bitcoin temporarily breaking through the $74,000 mark, reaching a new high since the sharp decline in early February. Renowned crypto trader Eugene earlier stated, “I’ve switched to a long position — despite global risk assets falling, the resilience shown by cryptocurrencies is noteworthy, as this is the first time since the $60,000 drop that cryptocurrencies have demonstrated ‘relative strength.’”

Bitcoin Price Pulls Back After Surpassing $74K

According to the latest market data, the crypto sector turned optimistic this morning, with Bitcoin briefly surpassing $74,450, a 3.7% increase for the day. It has now retreated to around $73,000, awaiting the next wave of movement.

Ethereum, after dipping to a low of $1,747, has been consolidating for some time and has now successfully held above the monthly support at $2,200. Solana rose 4.8% in a single day, currently trading at $93, just a step away from the $100 mark.

Eugene mentioned he didn’t buy at the lowest point, but breaking out of the consolidation zone to buy strong assets is his preferred risk management strategy.

Over $300 Million Liquidated in 24 Hours

According to Coinglass’s latest 24-hour liquidation heatmap data, Ethereum (ETH) saw liquidations totaling $141 million, surpassing Bitcoin’s (BTC) $131 million, making it the main victim of this short squeeze. The large-scale short covering may become a key driver for further crypto market rebounds.

Emerging Arc Bottom Pattern in Altcoins, Traders Optimistic

Regarding future developments, Eugene observed positive technical signals and is highly optimistic about the short-term trend. He further analyzed:

“Many altcoins are showing very natural arc bottoms, which makes me think that the short-term trend for cryptocurrencies is bullish. Once we officially break through $74,000, it should trigger a full-scale crypto rally.”

He expects major coins like ETH and SOL to regain their previous ranges (ETH $2,400 / SOL $100). If Bitcoin can steadily hold above this critical resistance level, market funds are likely to rotate further, driving the overall sector higher.

This article: Bitcoin enters a key resistance zone! Renowned trader Eugene: has switched to a long position. Originally published on Chain News ABMedia.