Bitcoin (BTC) once again reached a new all-time high before the Wall Street open on March 13, with buyers overpowering sellers in the market. The price of BTC surged back after a sudden dip to $69,000, reaching a peak of $73,679 on Bitstamp, according to data from Cointelegraph Markets Pro and TradingView.
The previous day, BTC’s price had consolidated around $72,000 before experiencing a brief $4,000 drop followed by a rapid ascent. This pattern mirrored the start of the week when resistance levels initially prevented upward movement. On March 13, resistance was observed at $73,800, as reported by CoinGlass.
However, with limited resistance levels and a lack of liquidation levels, BTC appeared poised for further price discovery towards $80,000. A popular trader named Jelle noted that Bitcoin had cleared out overleveraged long positions, retested the high of the 2021 cycle, and then rebounded to $72,000. He concluded that the market was now favorable for continued upward movement.
Financial commentator Tedtalksmacro highlighted the growing trend of institutional money flowing into Bitcoin. These inflows surpassed anything seen before, even with the introduction of spot Bitcoin exchange-traded funds (ETFs) in the United States. Tedtalksmacro predicted that the price of Bitcoin would continue to rise in the coming months to catch up with these inflows.
The ETFs themselves saw record net inflows of $1 billion on March 12, with BlackRock’s iShares Bitcoin Trust leading the pack. BitMEX Research reported that there was a record inflow of 14,706 BTC on that day. This amount represents a significant portion of the newly-mined supply for 2024, which is estimated to be around 65,500 BTC.
As of March 13, the two largest ETFs from BlackRock and Fidelity Investments held over 330,000 BTC, five times the amount added by miners.
It is important to note that this article does not provide investment advice or recommendations. Readers should conduct their own research and make informed decisions when it comes to investing and trading.