Wednesday, March 13, 2024: Bitcoin Price is at $72,720, but once again entered price discovery mode before the March 13 Wall Street opening, as bullish sentiment prevailed over sell-side liquidity. Data sourced from Markets Pro and TradingView recorded fresh all-time highs of $73,679 on Bitstamp.
The strength of BTC prices experienced a brief pause the day before, consolidating near the $72,000 mark and briefly dipping by $4,000 before swiftly rallying higher. This trend mirrored the beginning of the week, where resistance temporarily impeded upward movements.
On March 13, resistance at $73,800 played a role, according to data from monitoring resource CoinGlass. However, beyond this point, there appeared to be minimal obstacles hindering price discovery towards $80,000, as evidenced by the absence of significant liquidation levels.
Popular trader Jelle summarized the situation, noting that Bitcoin eliminated overleveraged long positions, retested the 2021 cycle high, and rebounded to $72,000, indicating a favorable outlook for further upward momentum.
Financial commentator Tedtalksmacro highlighted the surge in institutional capital inflows, surpassing previous records, including those prompted by the introduction of spot Bitcoin exchange-traded funds (ETFs) in the United States. Tedtalksmacro remarked, “Fund inflows like we have never seen before. It makes 2020 look small… price will continue to catch up over the coming months.”
March 12 saw ETFs receiving a record $1 billion in net inflows, confirmed by final data, with BlackRock’s iShares Bitcoin Trust leading the way. BitMEX Research reported, “A record 14,706 BTC inflow on 12 March 2024,” emphasizing the significance of this influx. This influx represented a substantial portion of the total newly-mined supply in 2024, amounting to approximately 65,500 BTC.
As of March 13, the two largest ETFs managed by BlackRock and Fidelity Investments held over 330,000 BTC, five times the amount added by miners. This underscores the increasing institutional interest and investment in Bitcoin, contributing to its upward price trajectory.
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