Bitcoin price hits a new $73.6k high as ETFs consume more than supply.
Bitcoin (BTC) hit a price breakthrough again ahead of the March 13 Wall Street open as bulls overcame sell-side liquidity.
BTC price will return to $69,000 after the snap wick
Data from Cointelegraph Markets Pro and TradingView set a new all-time high of $73,679 on Bistamp.
BTC's price strength took a breather a day ago, consolidating the $72,000 mark and seeing it give way to $4,000 before suddenly moving higher.
By doing so, the market set up a retracement from earlier in the week, where resistance would have dominated the upward movement – at least for a while.
That day, that role was worth $73,800, according to data tracked by CoinGlass.
Apart from that, there was little friction at the $80,000 price discovery point, due to lack of liquid levels.
“Bitcoin has swept overlongs, retested its 2021 cycle high and returned to $72,000,” noted trader Jelle summed up on X, adding that the landscape now “looks good.”
Spot Bitcoin ETF sets record for daily earnings.
Financial analyst Tedtalksmacro said the tide of institutional money flows is rising.
Related: Bitcoin Up 1,800% 4 Years After 2020 COVID-19 BTC Price Crash
These now eclipse anything previously seen, including Bitcoin exchange-traded funds (ETFs), a new niche for the United States.
“There is an amount of money coming in that we have never seen before. It will make 2020 a bit…prices will continue to hold in the coming months,” he told X followers.
“About 100k. Historically, when these flows are high, there will be 2-3 months for the market to GTFO.
ETFs themselves earned a record $1 billion in net income on March 12, the latest data showed, with BlackRock's product, the iShares Bitcoin Trust, enjoying the lion's share.
“A record flow of 14,706 BTC on March 12, 2024,” BitMEX Research announced in an upload to X.
That amount alone represents the newly minted supply in 2024, totaling about 65,500 BTC.
The two largest ETFs from BlackRock and Fidelity Investments held more than 330,000 BTC as of March 13 – five times what miners added.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
