Analyzing Prices on 3/11: SPX, DXY, BTC, ETH, BNB, SOL, XRP, ADA, DOGE, SHIB

Bitcoin (BTC) bulls are refusing to give up their advantage as they push the price above $70,000, indicating strong demand from traders. Professional investors are eagerly waiting to buy Bitcoin exchange-traded funds (ETFs), according to Bitwise chief investment officer Matt Hougan. Despite this, the demand for Bitcoin ETFs remains high, with spot Bitcoin ETFs already accumulating 4.06% of the current Bitcoin supply. If the buying continues at this rate, the ETFs’ Bitcoin holdings could reach 8.65% of the Bitcoin supply annually. MicroStrategy, the founder and chairman Michael Saylor, announced that the company had purchased 12,000 Bitcoin at an average price of $68,477, using the funds from an $800 million convertible note offering. Traders must closely monitor Bitcoin ETF inflows as a sustained slowdown could negatively impact sentiment and lead to a correction. Now let’s analyze the charts to identify important support levels to watch for Bitcoin and altcoins.