Robert Kiyosaki, the author renowned for his best-selling book “Rich Dad Poor Dad” has identified Bitcoin as a real-world asset, urging investors and the broader crypto community to shift their focus from stock investments and prioritize accumulating Bitcoin. Buy More Bitcoin Before It’s Too Late In a recent X (formerly Twitter) post, Kiyosaki advised investors […]
Bitcoin Spot ETF outflows have ramped up this week and has seen the week characterized by price declines throughout the crypto space. These outflows, like before, are being led by the Grayscale Spot ETF as investors believe their fees are too high. This has led to four consecutive week of outflows, which is the second time it is happening since Spot ETFs were approved for trading. So, where does the Bitcoin price go from here? Bitcoin Spot ETFs Hit 4 Consecutive Days Of Outflows The outflows began on Monday and continued into subsequent days. So far, the highest single-day outflow happened on Tuesday, March 19, with total net flows for the day coming out to $326.2 million, a new record for Bitcoin funds. Related Reading: Top 3 Solana Meme Coins To Buy Amid The Bitcoin Crash That Could 10x Subsequent days have seen lower figures when it comes to overall net flows but they continue to come out in the negative. On Wednesday, net flows were $261.5 million, and on Thursday, March 22, net flows came out to $94 million. This marked the second time that the Spot Bitcoin ETFs are seeing four consecutive days of outflows this year. The vast majority of these outflows, as mentioned above, are coming from the Grayscale Bitcoin ETF. In the last day alone, the fund saw outflows of 5,900 BTC, which translates to $339 million at current prices. Then, over the last week, Coinglass data shows that 28,207.5834 BTC has left the fund, causing its total BTC under management to fall by 7.35% in one week. Other funds have also seen outflows during this time but to a much lower degree. For example, the Invesco Galaxy Bitcoin ETF saw the second-highest outflow of all the funds, but only 667 BTC flowed out of the fund in the last day. The WisdomTree Bitcoin Fund saw 10.8.2635 BTC in outflows, while all other outflow figures came in below 100 BTC. What Happened To BTC The Last Time? The last time that Spot Bitcoin ETFs saw four consecutive days of outflows was in January, lasting from January 22 to January 25. This also bears some similarities to the current outflow trend in some was, one of which was the outflows began at the start of the week and carried through to the end. Related Reading: Crypto Analyst Says XRP Price Is Headed For $27 As 2017 Pattern Emerges However, a difference between both times is that the ETFs had just begun trading with trading days fluctuating between inflows and outflows. Meanwhile, the current trend has come after almost two consecutive weeks of inflows, something that could have an impact on the BTC price going forward. In January, after four days, the outflows had begun to slow down, and by Friday, there was a change in direction, with inflows beginning to dominate. Once the tide turned and ETF inflows began to rise, the BTC price followed sharply. With the climb came a more established rally in the Bitcoin price, causing it to go from $40,000 to over $70,000 in the space of two months. If this trend repeats and inflows into Spot BTC ETFs outpace outflows, then the BTC price is expected to start climbing again. However, if the outflows continue, then the BTC price could be in for further crashes. BTC price drops below $65,000 | Source: BTCUSD on Tradingview.com Featured image from 20 Minutes, chart from Tradingview.com
Cathie Wood’s ARK Invest continues taking profits from its Coinbase stash as the stock is hitting multiyear highs.
Bitcoin price failed to recover above the $68,000 resistance zone. BTC is sliding and might decline again toward the $62,000 support zone. Bitcoin price started a decent increase but struggled near the $68,000 zone. The price is trading below $66,000 and the 100 hourly Simple moving average. There is a short-term declining channel or a bullish flag forming with resistance at $66,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair must clear the $66,200 resistance zone to start a fresh increase. Bitcoin Price Faces Hurdles Bitcoin price attempted a decent recovery wave above the $65,000 resistance zone. BTC climbed above the $66,000 and $67,000 levels. However, the bears were active near the $68,000 level. A high was formed at $68,137 and the price is now moving lower. There was a break below the $66,000 support level. The price declined below the 23.6% Fib retracement level of the recovery wave from the $60,778 swing low to the $68,137 high. Bitcoin is now trading below $66,000 and the 100 hourly Simple moving average. The bulls are now trying to protect the 50% Fib retracement level of the recovery wave from the $60,778 swing low to the $68,137 high at $64,500. Immediate resistance is near the $66,000 level. There is also a short-term declining channel or a bullish flag forming with resistance at $66,200 on the hourly chart of the BTC/USD pair. The first major resistance could be $67,000. Source: BTCUSD on TradingView.com If there is a clear move above the $67,000 resistance zone, the price could continue to gain strength. In the stated case, the price could even clear the $68,000 resistance zone in the near term. The next key resistance sits at $70,000. More Losses In BTC? If Bitcoin fails to rise above the $66,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $64,500 level. The first major support is $63,500. The next support sits at $62,000. If there is a close below $62,000, the price could start a drop toward the $61,200 level. Any more losses might send the price toward the $60,500 support zone in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 60 level. Major Support Levels – $64,500, followed by $63,500. Major Resistance Levels – $66,000, $67,000, and $68,000.
Amidst the recent Bitcoin pullback from its previous all-time high above $73,000, Ki Young Ju, the founder and Chief Executive Officer (CEO) of Crypto Quant, reassures the broader crypto community that the BTC bull market is far from over. Bitcoin Bulls Are Not Done In a recent X (formerly Twitter) post, Ju expressed strong bullish sentiment regarding Bitcoin, highlighting factors that suggest that Bitcoin’s upward trajectory is likely to continue. The Crypto Quant CEO shared a crucial indicator depicted in a price chart, showcasing the percentage of Realized Cap across four age bands for BTC. Related Reading: Top 3 Solana Meme Coins To Buy Amid The Bitcoin Crash That Could 10x According to data from the price chart, the observed trends from the Realized Cap of four age bands from 6 months to three years indicate a positive outlook for BTC in 2024. Additionally, the CEO has stated that the primary catalyst behind Bitcoin’s rise to new all-time highs is the success of the Spot Bitcoin ETF, rather than the upcoming Bitcoin halving event in April. After the introduction of Spot Bitcoin ETFs, BitcoBTCin embarked on an exponential rally, reaching heights not witnessed since its previous bull run in 2021. The cryptocurrency rose to record highs, surpassing $73,000 previously, but experienced a major pullback of about 8.33% over the past week. At the time of writing, Bitcoin’s price is below $70,000, trading at $67,225, according to CoinMarketCap. Ju has revealed possibilities for even more declines, predicting a potential price drop of 50% for the cryptocurrency if a maximum drawdown of 30% occurs. The CEO has stated that for this event to happen, new whales, particularly ETF buyers, will have to enter the Bitcoin market at $56,000 on average. While this outlook may seem bleak, the Crypto Quant founder has also expressed strong belief in the continuation of the BTC bull market, contingent upon the sustained momentum of ETF inflows. Retail Investors Still Making Their Way Into The Market Reinforcing his belief that “Bitcoin is still in the middle of the bull cycle,” Ju asserts that the cryptocurrency’s cyclic top has not yet been breached. The CEO suggested that more price upswings were still set for Bitcoin, as retail investors have not fully entered the market yet. Related Reading: Shiba Inu Sees A Shift: Short Term Holders Take Possession Of 23 Trillion SHIB According to the Crypto Quant founder, only 50% of retail investors have entered the market, indicating the halfway point towards “Bitcoin euphoria”. This suggests that if more retail investors flood the market, BTC could potentially rise to new peaks, driven by increased demand and capital inflows. Echoing Ju’s convictions about Bitcoin’s long-term price increase, Bitcoin analyst Willy Woo encourages investors to embrace the dip during the present consolidation phase. The analyst confidently asserts that “this is not the top,” but rather a simple period of consolidation reminiscent of previous all-time highs. BTC bulls begin to reclaim control | Source: BTCUSD on Tradingview.com Featured image from Decrypt, chart from Tradingview.com
On March 19, Bitcoin prices fell to as low as $61,500. However, even as fear reigned, Kaiko, a blockchain analytics platform, observed that the coin’s liquidity across major crypto exchanges, including Binance and Coinbase, has been recovering steadily. When writing, the Bitcoin market liquidity is above the “Alameda Gap,” a massive boost for traders, including those looking […]
BTC, ETH and a few large-cap altcoins are redounding today, but data continues to point to an “overheated” market.
Thanks to the quadrennial halving, the supply of Bitcoin is a constant, reliable and predictable side of the equation. The demand side has now really started to come into play.
Bitcoin price has historically retraced ahead of previous Bitcoin halvings, but when will it bounce back?
Certain Bitcoin fundamentals suggest the flagship crypto token is well primed for further growth in this bull market. However, its recent price decline has sparked concerns about the reason for this downward trend despite everything pointing to a sustained upward movement. Bitcoin Supply On Exchanges Hit 4-Year Low Data from the on-chain analysis platform CryptoQuant highlighted that the supply of Bitcoin on exchanges has seen nearly a 40% drop in 4 years and is reducing ahead of the Bitcoin halving. This underscores the bullish sentiment around the Bitcoin ecosystem as the decreasing supply on supply suggests that most investors have no plans to sell their holdings anytime soon. Related Reading: Is Ripple Behind The XRP Price Crash? Massive Selling Spree Sparks Concern The CryptoQuant data also noted that Bitcoin’s demand is outpacing its supply, which is said to have been the prevailing trend since 2020. This development offers a bullish narrative as it can continue to increase Bitcoin’s value since “scarcity boosts perceived value.” This trend is also expected to be sustained once the Halving occurs since miners’ supply will be cut in half. Interestingly, the imbalance between Bitcoin’s demand and supply has led crypto analysts like MacronautBTC to believe that BTC’s price could rise to as high as $237,000. As such, there are still high expectations for Bitcoin despite the crypto token hitting a new all-time high (ATH) of $73,750. Why Bitcoin’s Price Is Crashing Crypto analyst Alex Kruger has outlined different reasons why Bitcoin’s price is crashing despite its strong fundamentals. The first reason he alluded to was the fact that crypto traders in the derivatives market look to be overleveraged, possibly because greed seems set to be setting in with traders deploying more capital in anticipation of further price surges. Kruger mentioned that the ETH could also be dragging the market down with the hopes of the SEC (Securities and Exchange Commission) approving the Spot Ethereum ETFs waning. Bitcoinist recently reported that the approval odds for these investment funds have plummeted immensely in the past few months, dropping to an alarming 35%. Related Reading: Dogecoin Growth Hits Roadblock As Holder Activity Enters Dreaded Period Of Stagnancy The third reason that Kruger mentioned is the negative Bitcoin ETF inflows, which have become a trend lately. Interest in these Bitcoin funds has cooled off, with investors opting to take profit instead. On March 19, BitMEX Research revealed that these ETFs saw a record net outflow of $326m. Crypto trader and analyst Rekt Capital also suggested that Bitcoin is already in the ‘Final Pre-Halving Retrace.’ Therefore, significant price corrections can be expected ahead of the Halving event, which is set to take place in April. At the time of writing, Bitcoin is trading at around $63,000, down in the last 24 hours, according to data from CoinMarketCap. BTC rises above $64,000 | Source: BTCUSD on Tradingview.com Featured image from Financial Commission, chart from Tradingview.com
“Everyone who wanted to buy into the halving mostly has,” said Capriole Fund founder Charles Edwards.
Bitcoin price extended its decline below the $65,000 support. BTC is now struggling to stay above the $62,000 support zone and might test $60,000. Bitcoin price is moving lower below the $64,000 support zone. The price is trading below $63,500 and the 100 hourly Simple moving average. There is a connecting bearish trend line forming with resistance at $63,300 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a decent upward move if it clears the $65,200 resistance zone in the near term. Bitcoin Price Grinds Lower Bitcoin price remained in a short-term bearish zone below the $66,500 zone. BTC traded below the $65,000 and $64,000 support levels to set a new weekly low. There was a push below the $62,500 support. A low was formed near $61,537 and the price is now consolidating losses. The price is now struggling below the 23.6% Fib retracement level of the recent decline from the $68,898 swing high to the $61,537 low. Bitcoin is now trading below $63,500 and the 100 hourly Simple moving average. Immediate resistance is near the $63,300 level. There is also a connecting bearish trend line forming with resistance at $63,300 on the hourly chart of the BTC/USD pair. Source: BTCUSD on TradingView.com The first major resistance could be $64,000. If there is a clear move above the $64,000 resistance zone, the price could even attempt a move toward the $65,200 resistance zone. It is close to the 50% Fib retracement level of the recent decline from the $68,898 swing high to the $61,537 low. Any more gains might send the price toward the $67,000 level. More Losses In BTC? If Bitcoin fails to rise above the $63,300 resistance zone, it could continue to move down. Immediate support on the downside is near the $62,000 level. The first major support is $61,500. The next support sits at $60,500. If there is a close below $60,500, the price could start a drop toward the $60,000 level. Any more losses might send the price toward the $58,800 support zone in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $61,500, followed by $60,000. Major Resistance Levels – $63,300, $64,000, and $65,200.
In its most recent research newsletter, crypto research firm Kaiko alluded to an ‘Alameda Gap,’ which has been massively impacting the Bitcoin and crypto market for some time now. However, that seems to be in the past, as Kaiko stated that the gap no longer exists. What The Alameda Gap Is About According to the report, the ‘Alameda Gap’ is the gap in liquidity that existed after the collapse of the collapse of the defunct crypto exchange FTX and its sister company Alameda Research. Alameda was one of the most prominent market makers then and provided massive liquidity to the market. Related Reading: Is Ripple Behind The XRP Price Crash? Massive Selling Spree Sparks Concern Following Alameda’s collapse, this liquidity gap is said to have persisted as market makers “waited on the sidelines for sentiment and trading activity to recover.” Now, the market looks to have moved past this, as Kaiko revealed that, as of last week, the market depth has almost fully recovered and is back to its pre-FTX average. The research firm added that the Bitcoin 2% market depth is up 40% year-to-date (YTD) and briefly surpassed its pre-FTX average of $470 million. This increase is said to have been mainly due to the surge in Bitcoin’s price, which has risen faster than the market liquidity since the SEC approved the Spot Bitcoin ETFs in January. Bitcoin is up about 50% YTD and has already hit new highs since the beginning of the year, including a new all-time high (ATH) of $73,750. Meanwhile, the improvement in liquidity is also evident in the fact that the cost of trading has declined on the three major US crypto exchanges: Coinbase, Kraken, and Bitstamp. How Bitcoin Is Outperforming Gold Kaiko also highlighted in its report that the Bitcoin-to-Gold ratio, which measures both assets’ relative performance, is inching closer to its ATH, which it last hit in November 2021. Interestingly, this increase means that BTC is outperforming Gold, even though both assets have recorded ATHs these past few weeks. Related Reading: Solana Surpasses Ethereum In Major Metric Amid Surge Above $200 Furthermore, funds linked to these assets show how Bitcoin has outperformed Gold. Kaiko noted that Bitcoin ETFs have attracted $11 billion since they launched in early January. Meanwhile, the largest physically-backed Gold ETFs (SPDR Gold Shares (GLD) and iShares Gold Trust (IAU) have registered outflows during the same period. Kaiko suggested that this could mean that investors were moving towards Bitcoin as the “new global store of value.” Interestingly, the CEO of Jan3 and Bitcoiner, Samson Mow, while giving reasons why Bitcoin will hit $1 million, also mentioned that people will start demonetizing Gold and substitute it for BTC at some point. BTC price falls to $62,700 | Source: BTCUSD on Tradingview.com Featured image from Forkast News, chart from Tradingview.com
MicroStrategy keeps aggressively buying Bitcoin while completing another $603.75 million offering of convertible notes.
Grayscale’s GBTC has just notched its largest day of outflows since its launch, though ETF analysts are optimistic that BTC ETFs are only just starting to gain momentum.
Over the past five days, Bitcoin (BTC), the leading cryptocurrency, has experienced a period of heightened volatility, triggering significant liquidations of leveraged positions as its price fluctuated wildly in hours. After reaching an all-time high of $73,750 on Thursday, BTC experienced a sharp decline to $64,600 on Sunday. On Monday, at the start of the […]
The Bitcoin price movement last week revealed a series of ups and downs, from starting the week at a new all-time high of $73,780 to crashing 12% in the days after to reach below $65,000. Crypto data analysts have spotted massive amounts of Bitcoin being withdrawn from major exchanges during the period of uncertainty, indicating that large investors anticipate further price appreciation. According to a social media post by crypto analyst Ali Martinez, the total BTC balance on crypto exchanges fell by over 21,400 in the past week, with the creation of 13 new whales, each holding over 1,000 BTC. BTC Withdrawal From Exchanges Bitcoin crossed over $73,700 last week to register a new all-time high but has struggled to gain a footing above the price level. Interestingly, it would seem the new all-time high sparked a wave of profit-taking from some investors. However, on-chain and exchange data indicate Bitcoin is still undergoing a bullish sentiment from some investors, particularly large investors. Related Reading: XRP Records Massive 80% Surge In Trading Volume – Can Price Reach A New ATH? Crypto analyst Ali Martinez noted this bull accumulation pattern in a post on his social media platform X. According to a Glassnode chart shared by the analyst, the total amount of BTC on exchanges has been on a free-fall since the middle of January. Notably, the total BTC balance saw a brief increase in the first few days of March before resuming a free-fall on March 5. In the past week alone, 21,401 BTC were moved off crypto exchanges. As the #Bitcoin bull run momentarily pauses, it’s noteworthy that 21,401 #BTC have been moved off crypto exchanges over the past week, and the network has welcomed 13 new whales, each holding over 1,000 $BTC. pic.twitter.com/oSXaKBR4Z1 — Ali (@ali_charts) March 16, 2024 Similarly, the crypto analytics platform IntoTheBlock noted this outflow pattern during the week. According to ITB, BTC withdrawal from crypto exchanges reached its highest point this year on March 15. Interestingly, $750 million worth of Bitcoin was withdrawn on this day, the highest since May 2023. Over $750m $BTC was withdrawn from exchanges yesterday, the highest since May 2023. The majority of these withdrawals originate from Bitfinex ($524m) and Kraken ($130m) pic.twitter.com/8d3eIJROhv — IntoTheBlock (@intotheblock) March 15, 2024 What Does This Mean For Bitcoin? The Bitcoin ecosystem has witnessed serious money on the move since the beginning of the year, leading to a strong price surge for the cryptocurrency. However, this rally has since slowed down to spark a price correction, with market sentiment reaching the most negative sentiment toward BTC since December 2023. Bitcoin is currently trading at $68,201, down by 3.44% in the past seven days. Related Reading: Crypto Pundit Says God Candle Is Imminent For This Solana-Based Meme Coin After such a strong surge in price, it’s normal for the momentum to slow down as the market consolidates and decides on the next move. While momentum has slowed, the overall trend for Bitcoin remains bullish. Judging by the massive amounts of Bitcoin pulled from exchanges recently, it looks like whales are gearing up for a continued rally. Bitcoin is now showing signs of a rally, and is now up by 5% in the past 24 hours. BTC price crashes as trading week opens | Source: BTCUSD on Tradingview.com Featured image from Business Today, chart from Tradingview.com
The Bitcoin Fear & Greed Index shows that the sentiment around the asset has cooled off a bit recently, something that could pave the way for a rebound. Bitcoin Fear & Greed Index Has Gone Through Some Decline Recently The “Fear & Greed Index” is an indicator created by Alternative that tells us about the average sentiment present among the investors in the Bitcoin and wider cryptocurrency market To determine the trader mentality, the index takes into consideration for these five factors: volatility, trading volume, social media sentiment, market cap dominance, and Google Trends. Related Reading: Bitcoin FOMO: Over 533,330 Addresses Bought Above $70,180 The metric uses a numeric scale that runs from zero to hundred for representing this sentiment. A score of 46 or less implies the presence of fear among the investors, while that of 54 and above suggests greed in the market. The territory between these two (47 to 53) naturally corresponds to the neutral mentality. Besides these three sentiments, there are also two extreme sentiments called “extreme greed” and “extreme fear.” The extreme greed occurs at values above 75, while the extreme fear takes place below 25. Historically, these two sentiments have been quite relevant for BTC’s trajectory. Tops have generally tended to form when the investors have held the former sentiment, while bottoms have been probable to happen when the market has been in the latter region. At present, the traders are holding a mentality of extreme greed, as the latest data of the Bitcoin Fear & Greed Index shows. Looks like the value of the metric is 77 at the moment | Source: Alternative As is visible, the indicator’s value is 77 right now, meaning that while it’s indeed inside extreme greed, it’s only so just. This is a fresh change from how it has been recently, as the chart below displays. The value of the indicator appears to have been going down recently | Source: Alternative From the graph, it’s visible that the Bitcoin Fear & Greed Index has mostly stayed deep inside the extreme greed region recently. On the 14th of this month, the indicator hit the 88 mark, and alongside this high, the BTC price registered its current all-time high of about $73,800. Since this peak, though, the asset has plunged, and it appears that alongside it, so has the sentiment among the traders. As mentioned earlier, tops have been more likely to occur when the market has shared a mentality of extreme greed and this probability has generally only gone up the more extreme levels the metric has hit. This could perhaps explain why the recent top occurred when it did. Another top this month, the one that took place on the 5th, also coincided with high values in the Fear & Greed Index (a peak of 90 this time). Related Reading: Bitcoin To $53,200? Why History Says It’s Possible Shortly after this earlier peak and the plummet in the cryptocurrency that had followed, the asset found its bottom as the metric briefly exited the extreme greed region. As the Bitcoin Fear & Greed Index is once again looking to dip outside this territory, it’s possible that a bottom may be near for the price this time as well. It now remains to be seen if the sentiment would cool down enough in the coming days so as to leave the extreme region behind, at least temporarily. BTC Price Bitcoin had plunged towards $64,500 during the weekend, but it seems the coin has made some recovery in the past day as it’s now back at $68,000. The price of the coin seems to have gone through some volatility recently | Source: BTCUSD on TradingView Featured image from Yiğit Ali Atasoy on Unsplash.com, Alternative.me, chart from TradingView.com
Bitcoin price tested the $65,000 support zone. BTC is now rising and attempting a fresh increase above the $70,000 resistance zone in the near term. Bitcoin price is showing a few positive signs from the $65,000 zone. The price is trading below $70,000 and the 100 hourly Simple moving average. There was a break above a major bearish trend line with resistance at $67,100 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could gain bullish momentum if it clears the $70,000 resistance zone in the near term. Bitcoin Price Holds Support Bitcoin price started a downside correction from the $73,500 zone. There was a steady decline below the $70,000 support zone and the bears pushed the price below $68,000. Finally, the price tested the $65,000 support zone. A low was formed at $64,555 and the price is now attempting a fresh increase. There was a move above the $66,500 resistance zone. The price climbed above the 23.6% Fib retracement level of the downward move from the $73,734 swing high to the $64,555 low. There was also a break above a major bearish trend line with resistance at $67,100 on the hourly chart of the BTC/USD pair. Bitcoin is now trading below $70,000 and the 100 hourly Simple moving average. Immediate resistance is near the $69,200 level or the 50% Fib retracement level of the downward move from the $73,734 swing high to the $64,555 low. The next key resistance could be $70,000, above which the price could rise toward the $71,200 resistance zone. Source: BTCUSD on TradingView.com If there is a clear move above the $71,200 resistance zone, the price could even attempt a move above the $72,000 resistance zone. Any more gains might send the price toward the $73,500 level. More Losses In BTC? If Bitcoin fails to rise above the $70,000 resistance zone, it could start another decline. Immediate support on the downside is near the $67,000 level. The first major support is $65,000. The main support sits at $64,500. If there is a close below $64,500, the price could start a drop toward the $63,500 level. Any more losses might send the price toward the $62,000 support zone. Technical indicators: Hourly MACD – The MACD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $66,500, followed by $65,000. Major Resistance Levels – $69,200, $70,000, and $71,200.
Cetera Financial Group, a leading financial advisor Wealth Hub, has officially announced its endorsement of four spot Bitcoin Exchange-Traded Funds (ETFs). This approval paves the way for its network of financial professionals to incorporate these cryptocurrency funds into their clients’ portfolios. The Institutional Bitcoin Wave Is Rolling In Cetera, which manages assets exceeding $191 billion, […]
The large wealth management firm chose four Bitcoin ETFs for its professionals to offer to their clients.
The Bitcoin wallet has added 100 BTC tranches regularly since at least November 2022, when FTX collapsed.
Bitcoin’s allocation in investor portfolios has reached 3.7 times that of gold when adjusted for volatility, according to a JPMorgan analyst.
Today’s Bitcoin price movement is a confluence of factors including massive liquidations, macroeconomic pressures, and the impact of negative Coinbase Premium alongside Bitcoin ETF dynamics. These elements combined have led to a noticeable dip in Bitcoin’s price. #1 Long Liquidations Today’s Bitcoin market saw a significant price drop, initiated by a sweeping liquidation event on the futures market. Over the last 24 hours, crypto trader liquidations exceeded $682.54 million across more than 191,000 traders, according to Coinglass data. This surge in liquidations resulted in Bitcoin’s price plummeting by 8% in mere hours, falling from $72,000 to $66,500. Although there was a minor recovery, with Bitcoin’s price rebounding to the $68,000 level, it currently stands nearly 10% below its March 14 all-time high of $73,737. Related Reading: Crypto Market’s ‘Monster Cycle’: $7.5 Trillion Market Value By 2025, Bitcoin Targets $150,000 A notable 80% of these liquidations were long positions, contributing to $544.99 million of the total. Short position liquidations made up the remaining $136.94 million, with Bitcoin longs alone accounting for $242.37 million in liquidations. #2 Macro Conditions Weighing On Bitcoin Price The macroeconomic landscape has placed additional pressure on Bitcoin’s value. Ted, a macro analyst known as @tedtalksmacro, highlighted on X the influence of macro conditions on the cryptocurrency market. He stated, “If BTC is digital gold, expect it to trade in lockstep with gold, however, with higher beta.” With the Federal Reserve’s meeting looming next week, macroeconomic factors are expected to take center stage temporarily. Yesterday’s US Producer Price Index (PPI) data, showing a 0.6% increase in February and surpassing forecasts of 0.3 month-over-month, has caused a ripple effect with CPI recently also hotter than expected, leading to a rise in US bond yields. The benchmark 10-year rate saw an increase of 10 basis points to 4.29%, while two-year rates rose to 4.69% from 4.63%. These developments have led traders to adjust their expectations for the Federal Reserve’s interest rate policies in 2024. Related Reading: Brace For Impact: MicroStrategy Is Planning Another $500 Million Bitcoin Purchase Mohamed A. El-Erian, from Queens’ College, Cambridge University, Allianz, and Gramercy, remarked on the situation: “US government bond yields jumped today in reaction to yet another (slightly) hotter-than-expected inflation print (this time PPI).” This suggests a growing awareness of the challenges that persistent inflation poses to achieving the Fed’s 2% inflation target. #3 Negative Coinbase Premium / Quiet Bitcoin ETF Day The decline of Bitcoin below the $70,000 threshold is also attributed to the “Coinbase Premium” – the exchange which custodies the majority of all spot Bitcoin ETFs – dipping into negative territory for the first time since February 26, indicating a bearish sentiment from US markets. This phenomenon is likely a consequence of significant sales of Grayscale GBTC, while the spot ETF experienced relatively calm activity. Following a record $1 billion net inflow day for the spot ETF on March 12, inflows dropped to just $132.7 million recently, with Blackrock contributing the lion’s share at $345.4 million. Meanwhile, Fidelity and ARK saw minimal inflows of $13.7 million and $3.5 million respectively, after a previously strong week. GBTC outflows were reported at $257.1 million, aligning with average levels. Crypto analyst WhalePanda commented on the situation, noting that despite the reduced inflow, “$132.7 million is still 2 full days of mining rewards.” He suggests a potential rebound in the market, stating, “We’re just ranging now and overleveraged people getting margin called. I guess the next move up is for next week.” At press time, BTC traded at $67,916. Featured image created with DALL·E, chart from TradingView.com
Bitcoin price is moving lower from the $73,000 resistance. BTC must stay above the $67,000 support to start a fresh increase in the near term. Bitcoin price is correcting gains and moving lower from the $73,000 zone. The price is trading below $71,000 and the 100 hourly Simple moving average. There was a break below a key bullish trend line with support at $72,820 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could revisit the $67,000 support zone in the near term. Bitcoin Price Corrects Lower Bitcoin price made another attempt to gain strength above the $72,500 level. However, there was no clear move above the $72,500 level and the price reacted to the downside. There was a drop below the $72,000 and $71,500 levels. Besides, there was a break below a key bullish trend line with support at $72,820 on the hourly chart of the BTC/USD pair. The pair even declined below the $70,000 level. A low is formed near $68,403 and the price is now showing a few bearish signs. Bitcoin is now trading below $71,000 and the 100 hourly Simple moving average. Immediate resistance is near the $70,000 level or the 50% Fib retracement level of the downward move from the $72,043 swing high to the $68,403 low. Source: BTCUSD on TradingView.com The next key resistance could be $70,500 or the 61.8% Fib retracement level of the downward move from the $72,043 swing high to the $68,403 low, above which the price could rise toward the $72,000 resistance zone. If there is a clear move above the $72,000 resistance zone, the price could even attempt a move above the $73,000 resistance zone. Any more gains might send the price toward the $75,000 level. More Losses In BTC? If Bitcoin fails to rise above the $70,500 resistance zone, it could continue to move down. Immediate support on the downside is near the $68,500 level. The first major support is $67,500. The main support sits at $67,000. If there is a close below $67,000, the price could start a decent pullback toward the $65,500 level. Any more losses might send the price toward the $65,000 support zone. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $68,500, followed by $67,000. Major Resistance Levels – $70,500, $72,000, and $73,000.
American business intelligence and software development company, MicroStrategy has unveiled new plans to acquire an additional Bitcoin, further bolstering its already substantial BTC holdings. MicroStrategy Mega Bitcoin Purchase In The Works In a recent press release published on MicroStrategy’s official website, the software development company announced plans to raise $500 million in convertible debt offerings to purchase more Bitcoin. Just a few days ago the company had sold approximately $800 million in convertible debt offerings, using the proceeds of the sale to acquire about 12,000 BTC valued at about $821.7 million at the time. Related Reading: Shiba Inu Whales Are Accumulating SHIB, Do They Know Something You Don’t? Quite frankly, MicroStrategy seems to be on a full-blown Bitcoin acquisition spree, potentially attributed to the cryptocurrency’s massive bullish rallies recently and its surge to new all-time highs. As of March 11, 2024, the business intelligence firm possesses a total of 205,000 BTC, worth over $15 billion based on CoinMarketCap’s Bitcoin price of $73,411, at the time of writing. With its latest purchase of 12,000 BTC, MicroStrategy has finally surpassed the Bitcoin holdings of BlackRock’s Spot Bitcoin Exchange Traded Fund (ETF). Additionally, the software development company has secured the top position as the leading public company with the largest Bitcoin holdings, surpassing the holdings of both Tesla and Coinbase. As of March 2024, MicroStrategy’s market capitalization has surged to $29.96 billion, reflecting an increase of 10.85% in the last 24 hours. The company is also presently ranked as the world’s 642nd most valuable company by market capitalization. MicroStrategy Sets Sights On Convertible Senior Notes Offerings Since the start of the year, MicroStrategy has purchased nearly 16,000 BTC. This time around the company has chosen to raise capital through convertible senior notes, marking a shift from the previous year when most of its funds for acquiring BTC were generated from equity. According to Market Watch’s report, the business intelligence firm’s stock value has also been on the rise recently, with MSTR prices witnessing an impressive 145% increase in a month. Related Reading: Ethereum Is Not Done: Crypto Analyst Sets New $5,000 Target As stated in its press release, the company intends to sell convertible senior notes to qualified institutional buyers. MicroStrategy has revealed plans to grant early purchasers of the notes an option to buy up to an additional $75 million worth of the notes within 13 days after the initial issuance. The software development firm has disclosed that the notes will remain unsecured, with interests payable semi-annually starting in September 2024. Additionally, MicroStrategy will have the right to redeem the notes from March 2028 or holders can request for the company to make a repurchase, with conversion terms determined at the offering’s prices. The proceeds and excess funds generated from its upcoming $500 million convertible senior notes sale will be used to expand MicroStrategy’s Bitcoin holdings and for general corporate purposes. BTC price falls to $72,700 | Source: BTCUSD on Tradingview.com Featured image from The Guardian, chart from Tradingview.com
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