July 21, 2024
Bitcoin's at $70,898, Bitcoin ETFs Rebound as BTC Hits 10-Day High
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Bitcoin’s at $70,898, BTC ETFs Rebound as BTC Hits 10-Day High

Tuesday, March 26, 2024: Bitcoin Price is at $70,898, closed above $69,000 on March 25, marking a significant milestone as bulls reclaimed a key resistance zone. Data from Markets Pro and TradingView revealed that BTC/USD achieved its highest daily close in ten days, indicating a resurgence in bullish sentiment.

BTC/USD 1-hour chart. Source: TradingView

Bullish Signals and Market Observations

During the first Wall Street trading session, BTC exhibited strength, gaining up to $4,600 in a single day. This momentum continued after the close, with Bitcoin surpassing the $71,000 mark at the time of writing. Financial commentator Tedtalksmacro noted a positive development in the United States spot Bitcoin exchange-traded funds (ETFs), with net inflows returning after several days of outflows. He highlighted a significant influx of USD 15.4 million into Bitcoin spot ETFs, including $262 million from Fidelity, signaling renewed investor interest. Despite substantial outflows from the Grayscale Bitcoin Trust (GBTC) amounting to $350 million, BTC/USD managed to overcome obstacles to its upside potential.

Bitcoin ETF flows (screenshot). Source: Farside

Analyst Insights and Price Predictions

Popular trader and analyst Matthew Hyland expressed optimism about Bitcoin’s future price trajectory, suggesting that a path toward six-figure territory could be imminent. Hyland highlighted the recent reset of a classic BTC price metric, indicating favorable conditions for a potential rally. The Daily Relative Strength Index (RSI) values dipped below the key 50 level on March 20, a signal that Hyland interpreted as favorable for a rebound. While the Daily RSI stood slightly above 60 at the time of writing, still below the classic bull market threshold of 70, Hyland remained bullish on Bitcoin’s prospects.

BTC/USD chart with CME futures gaps marked. Source: Mark Cullen

Fellow analyst Mark Cullen acknowledged the presence of “gaps” in CME Group Bitcoin futures markets, which often serve as near-term price targets. Notably, a gap below $64,000 remained unfilled, suggesting a potential target for Bitcoin’s price movement. Cullen suggested the possibility of Bitcoin consolidating within a triangle pattern before pushing higher, presenting various scenarios for BTC’s price action in the near term.

Trader Sentiment and Market Response

Trader Daan Crypto Trades expressed confidence in Bitcoin’s price stability, emphasizing the significance of a recent price gap. Despite concerns about potential downside, Daan Crypto Trades noted that Bitcoin had not immediately closed the gap, which often occurs during significant breakouts. This sentiment reflected a positive outlook on Bitcoin’s current price trajectory and suggested resilience in the face of market fluctuations.

Image by fabrikasimf on Freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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