Bitcoin is trading near $74,372 at press time after briefly approaching $76,000 during Tuesday’s session. The move followed a recovery above $70,000 and a push through the $73,000 area, where fresh long positions began to build in the perpetual futures market.
Market data from Santiment and CryptoQuant showed that traders were turning more bullish ahead of the Federal Reserve decision. The latest market structure points to a clear change in derivatives positioning. Short traders were cleared as Bitcoin moved back above $70,000, and the balance in perpetual futures shifted toward long exposure.
Funding rates also moved from negative to positive, showing that traders were increasingly willing to pay to keep bullish positions open. Buy volume remained ahead of sell volume in perpetual futures, adding to the view that traders expect further upside in the near term.
Futures Market Shifts as Bitcoin Reclaims Key Levels
CryptoQuant data showed that positioning in the perpetual futures market has flipped in Bitcoin’s favor. After a period marked by weak sentiment and short pressure, the recent rebound above $70,000 changed the tone. New long positions were added above $73,000, while stronger buy-side activity pushed taker buy and sell ratios above 1 for both Bitcoin and Ethereum.
Source: CryptoQuant
This change came as Bitcoin tested the $75,000 to $76,000 zone, which remains an important resistance range in the short term. The 24-hour price range stood between $73,264 and $75,937, while daily volume reached about $55.45 billion. The move also arrived as market participants watched the March 17–18 Federal Reserve meeting, where the central bank is widely expected to leave rates unchanged at 3.50% to 3.75%.
At the same time, short-term market signals remained mixed. One on-chain update noted a divergence between price and open interest on the one-hour timeframe, suggesting that spot demand has been stronger than futures conviction. If futures traders do not continue adding risk, the current breakout attempt could lose pace near resistance.
MVRV Data Points to Short-Term Caution and Long-Term Support
However, Santiment’s latest MVRV readings presented a split view between short-term and long-term positioning. Bitcoin’s 30-day MVRV stood at a positive 7.1%, a level that may leave the asset vulnerable to a brief pause or mild pullback after the latest rise. That reading suggests that short-term holders are sitting on moderate gains, which can increase the chance of profit-taking.
Source: X
The 365-day MVRV stood at positive 22.1%, offering a different picture for longer-term holders. Santiment said Bitcoin remains below the level that would place long-term market participants far above their expected returns. That reading supports the view that the broader cycle still has room to develop even if near-term trading becomes more cautious.
Other on-chain signals also showed that older holders were distributing part of their supply while new market participants were entering. At the same time, accumulation addresses continued to grow. That pattern points to a transfer of coins rather than a broad retreat from the asset.
Whale Buying and Exchange Inflows Keep Market Focus on Resistance
Concurrently, according to crypto analysts, Ali Charts whales have accumulated over 40,000 BTC, worth about $2.92 billion, over the past week. That buying activity added support to the current recovery and matched the return of positive volume trends on major exchanges such as Binance and Coinbase. After heavy selling in February, the 30-day moving average volume delta on both platforms turned back into positive territory by mid-March.
Source: CryptoQuant
Still, exchange inflows showed that some holders may be preparing to sell into strength. CryptoQuant reported hourly inflows of 6,100 BTC, with 63% of that total coming from large deposits. Historically, larger transfers to exchanges can raise the chance of added supply entering the market during rallies.
For now, Bitcoin remains close to a critical zone. Traders are turning bullish ahead of the Fed, shorts have been cleared, and long positions now dominate the perpetual futures market. Whether Bitcoin can build on that setup may depend on how it reacts near the $75,000 to $85,000 range, where on-chain realized price bands have previously acted as resistance.
