Bitcoin Surges to New Heights, Reaching a Record $73,679 Amid Significant ETF Inflows
Summary:
Bitcoin (BTC) hit a new high of $73,679 on Bitstamp before the Wall Street opening bell on March 13, bouncing back after a brief dip to $69,000. A marked rise in institutional money inflows, including a record $1 billion inflow via Bitcoin ETFs on March 12, suggests a steady climb toward a BTC price of $100k. However, readers are cautioned to conduct their own research as investments come with inherent risks.
Before the Wall Street bell rang on March 13, Bitcoin (BTC) recorded a surge in prices, as demand beat sell-side liquidity. The new zenith of $73,679 for BTC was captured by Bitstamp, according to data from Cointelegraph Markets Pro and TradingView. The soaring of BTC prices had a cooling off period on the previous day, as it settled at about $72,000. An unexpected $4,000 slippage was recorded before the price started climbing again, echoing the performance pattern from the beginning of the week where resistance had an inhibiting effect on the increasing trend, albeit temporarily. On that day, $73,800 acted as that point of resistance as per CoinGlass records. However, post that threshold, the advancement toward $80,000 price discovery appeared to face minimal resistance, as indicated by the absence of liquidation levels.
Jelle, acclaimed crypto trader, analyzed the situation as Bitcoin knocking off overleveraged longs, retesting the peak of the 2021 cycle, and bouncing back to $72,000. Jelle’s prediction was optimistic about further ascension. Meanwhile, financial analyst Tedtalksmacro observed a significant surge in institutional money inflows. Growth charts of these numbers now surpass the ones recorded in the past, including those after the recent roll-out of the US spot Bitcoin ETFs.
According to Tedtalksmacro, the inflows observed make the records of 2020 seem trifling. He predicted on social media that the price is set to adjust to these higher inflows in the following months, leading to a gradual climb to the $100k mark. This analyst further advised that when the inflows hit their peak, it's time to leave the market in about 2-3 months.
Finalized data confirms that a record inflow of $1 billion has been recorded on March 12 by Bitcoin ETFs, with BlackRock’s product - the iShares Bitcoin Trust ($IBIT) - bagging the largest slice of the pie. BitMEX Research reported this historic moment, a massive inflow of 14,706 BTC, to social media. This record indisputably gobbles up a substantial portion of the newly-mined BTC supply for 2024, which is around 65,500 BTC. As of March 13, the top two ETFs from BlackRock and Fidelity Investments held more than 330,000 BTC, quintupling miners' additive supply. This doesn't act as an investment guide or recommendations, as they come with risks; hence, readers are advised to conduct their own research before making a decision.
Published At
3/13/2024 1:00:55 PM
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