A historic moment – Capital inflows have been significant since the validation of spot Bitcoin ETFs. March 5 was historic for BlackRock’s Bitcoin ETF, with a record inflow of $788 million. Meanwhile, the Grayscale Bitcoin Trust (GBTC) saw massive net outflows.
The price of Bitcoin marked an all-time high around $69,000, but then fell below $60,000. A flash crash which liquidated no less than $1.3 billion in positions on the cryptocurrency market. Could this clean-up be enough to start a resumption of the increase?
Bitcoin price stagnates in 24 hours
The king of cryptocurrencies managed to bounce after experiencing a dizzying drop of almost 15%. In fact, the price of Bitcoin is back around $66,000and the course stagnates in 24 hours :
| Peer | 1H | 24H | 7D | 1M | 3M | 6M |
|---|---|---|---|---|---|---|
| BTC/ETH | -0.33% | -0.11% | -3.10% | -5.38% | -4.45% | 10.53% |
| BTC/USDT | 0.35% | 0.21% | 6.10% | 54.05% | 51.88% | 154.93% |
| BTC/USD | 0.32% | 0.18% | 6.16% | 54.17% | 51.86% | 154.96% |
| Bitcoin is underperforming Ethereum over the last month with -5.38% while the price of BTC in USD has increased by 54.17%. | ||||||
Bitcoin performance against different pairs. Source: Coincheckup
Now, BTC shows a increase of 6% in one week and more than 50% in one month. The BTC/ETH pair is holding steady in 24 hours, but it drop of more than 3% in one week. Ethereum tries again outperform Bitcoin.
Bitcoin continues to attract capital: +1.8 billion dollars
Although the price of Bitcoin has not failed to really surpass the last historic highoperators continue to be optimistic about Bitcoin and cryptocurrencies. Indeed, last week the market recorded entries totaling $1.8 billion :
According to CoinShares data, this is the fifth week in a row that we observe capital inflows on investment products linked to cryptocurrencies. It is interesting to note that 94% of capital went to the king of cryptocurrencies. Once again, altcoins have to make do with the crumbs. Among them, ETH stands out with 85 million dollars in entries. These are the largest inflows since July 2022 for ETH. Finally, the trading volumes explodeCoinShares indicates a record with no less than 30 billion dollars exchanged in one week.
Bitcoin price stuck at resistance at $67,000
The course managed to return to the level of resistance at $67,000but the sellers have responded again at that level. The course is currently evolving at the level of institutional bias (EMA 9/EMA 18) bullish :
Here buyers have the opportunity to react. Whatever happens, it will be necessary get rid of the $67,000 to try to mark a new all-time high and to continue on the bullish trend. On the other hand, in the event of rejectionthe price could return to the level of support at $64,500. After the bearish divergence validated on the RSI, the price could begin to experience a lateralization phaseand altcoins could benefit from this.
Operators seem to continue to bet on the king of cryptocurrencies. Indeed, the latest CoinShares report indicates inflows of $1.8 billion. This is the fifth week in a row that investment vehicles associated with cryptocurrencies have recorded inflows. If demand continues to be present, the price could mark a new all-time high. To do this, it will be necessary to get rid of the resistance at $67,000. For its part, NEAR exploded upwards and reached $5. Is the rise just beginning?