Convergence

Rally

Bitcoin

April

Divergence

Bitcoin price was navigating a crucial zone between $50,800 and $52,000 of demand and supply until mid-US hours on Monday when it broke above $53,000 for the first time since 2021. If this uptick continues, <a href="https://coingape.com/bitcoin-eth-xrp-saw-5-7-bln-inflows-ahead-big-developments/">Bitcoin</a> might close the week above $55,000 amid the potential to rise above $60,000 before halving. 
<h2 class="p1" id="bitcoin-price-update-can-increasing-aum-shape-sentiment-in-march">Bitcoin Price Update: Can Increasing AUM Shape Sentiment In March?</h2> 
Despite the stalling due to an increase at $52,000, and by extension, $53,000 the general outlook of the market has remained bullish since the&nbsp;<a href="https://coingape.com/bitcoin-btc-price-flirts-near-51k-amid-233-mln-bitcoin-etf-inflow/">ETF</a>&nbsp;approval in January. 
Digital asset investment products, otherwise referred to as assets under management (AUM) continue to perform exceptionally well, with $598 million in total weekly inflows, according to&nbsp;<a rel="nofollow" href="https://blog.coinshares.com/volume-171-digital-asset-fund-flows-weekly-report-0bc3a2259018">CoinShares</a>&nbsp;Research blog. Bitcoin recorded weekly inflows of $570 million in the previous week, boasting $5.6 billion in year-to-date inflows. 
This massive increase in net inflows marked the “fourth consecutive week of inflows.” So far, year-to-date net cumulative inflows surged past the $5.7 billion mark, with the US leading the rest at $610 million. Grayscale recorded more outflows of up to $436 million in the previous week. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 Digital asset investment products saw weekly inflows totalling US$598m, marking the fourth consecutive week of inflows. Year-to-date inflows have now surpassed the US$5.7bn mark. The US saw most of the inflows at US$610m, impacted by incumbent issuer Grayscale, which saw further… 
 — Wu Blockchain (@WuBlockchain) <a href="https://twitter.com/WuBlockchain/status/1762071421310939408?ref_src=twsrc%5Etfw">February 26, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
However, the blog noted that “Blockchain equities continued to see outflows totaling US$81m last week, suggesting equity investors are a little cautious at present.” 
<figure id="attachment_182658" aria-describedby="caption-attachment-182658" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-182658" src="https://coingape.com/wp-content/uploads/2024/02/Screenshot-2024-02-26-at-15.26.22.png" alt="Crypto AUM " width="1816" height="1008" srcset="https://coingape.com/wp-content/uploads/2024/02/Screenshot-2024-02-26-at-15.26.22.png 1816w, https://coingape.com/wp-content/uploads/2024/02/Screenshot-2024-02-26-at-15.26.22-300x167.png 300w, https://coingape.com/wp-content/uploads/2024/02/Screenshot-2024-02-26-at-15.26.22-1224x679.png 1224w, https://coingape.com/wp-content/uploads/2024/02/Screenshot-2024-02-26-at-15.26.22-768x426.png 768w, https://coingape.com/wp-content/uploads/2024/02/Screenshot-2024-02-26-at-15.26.22-1536x853.png 1536w, https://coingape.com/wp-content/uploads/2024/02/Screenshot-2024-02-26-at-15.26.22-150x83.png 150w" sizes="(max-width: 1816px) 100vw, 1816px">
 <figcaption id="caption-attachment-182658" class="wp-caption-text">
 Crypto AUM | CoinShares Research blog
 </figcaption>
</figure> 
Despite the persistent outflow at&nbsp;<a href="https://coingape.com/grayscale-eyes-ethereums-parabolic-run-post-dencun-tech-boost/">Grayscale</a>, the total AUM topped at $68.3 billion — the highest level since December 2021. Investment products still have some ground to cover before reaching the all-time of $87 billion at the peak of the previous bull run in November 2021. 
<h2 class="p1" id="where-to-next-as-bitcoin-upholds-crucial-weekly-support">Where To Next As Bitcoin Upholds Crucial Weekly Support?</h2> 
The black horizontal ray on the chart represents a very important level from as far back as September and December 2021. Although it served as resistance then, Bitcoin recently flipped it into support, suggesting that the path of least resistance is to the upside. 
<figure id="attachment_182656" aria-describedby="caption-attachment-182656" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-182656" src="https://coingape.com/wp-content/uploads/2024/02/BTCUSD_2024-02-26_15-47-23.png" alt="Bitcoin price prediction chart" width="2694" height="1444" srcset="https://coingape.com/wp-content/uploads/2024/02/BTCUSD_2024-02-26_15-47-23.png 2694w, https://coingape.com/wp-content/uploads/2024/02/BTCUSD_2024-02-26_15-47-23-300x161.png 300w, https://coingape.com/wp-content/uploads/2024/02/BTCUSD_2024-02-26_15-47-23-1224x656.png 1224w, https://coingape.com/wp-content/uploads/2024/02/BTCUSD_2024-02-26_15-47-23-768x412.png 768w, https://coingape.com/wp-content/uploads/2024/02/BTCUSD_2024-02-26_15-47-23-1536x823.png 1536w, https://coingape.com/wp-content/uploads/2024/02/BTCUSD_2024-02-26_15-47-23-2048x1098.png 2048w, https://coingape.com/wp-content/uploads/2024/02/BTCUSD_2024-02-26_15-47-23-150x80.png 150w" sizes="(max-width: 2694px) 100vw, 2694px">
 <figcaption id="caption-attachment-182656" class="wp-caption-text">
 Bitcoin price prediction chart | Tradingview
 </figcaption>
</figure> 
In addition to immediate support at $50,800, the Moving Average Convergence Divergence (MACD) has flaunted a buy signal on the weekly chart since October, and this to a large degree is bullish for&nbsp;<a href="https://coingape.com/bitcoin-price-jump-to-52200-risks-1-bln-short-liquidations-whats-next/">Bitcoin price</a>. 
A bullish rectangle pattern on the four-hour charts implies that a solid breakout is in the offing. Therefore, it may be prudent to hold onto the long positions, or keep buying the minor dips anticipating gains above $53,000 for the initial phase and towards $60,000 for the second recovery phase. 
<figure id="attachment_182657" aria-describedby="caption-attachment-182657" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-182657" src="https://coingape.com/wp-content/uploads/2024/02/BTCUSD_2024-02-26_16-03-10.png" alt="BTC price prediction " width="2694" height="1444" srcset="https://coingape.com/wp-content/uploads/2024/02/BTCUSD_2024-02-26_16-03-10.png 2694w, https://coingape.com/wp-content/uploads/2024/02/BTCUSD_2024-02-26_16-03-10-300x161.png 300w, https://coingape.com/wp-content/uploads/2024/02/BTCUSD_2024-02-26_16-03-10-1224x656.png 1224w, https://coingape.com/wp-content/uploads/2024/02/BTCUSD_2024-02-26_16-03-10-768x412.png 768w, https://coingape.com/wp-content/uploads/2024/02/BTCUSD_2024-02-26_16-03-10-1536x823.png 1536w, https://coingape.com/wp-content/uploads/2024/02/BTCUSD_2024-02-26_16-03-10-2048x1098.png 2048w, https://coingape.com/wp-content/uploads/2024/02/BTCUSD_2024-02-26_16-03-10-150x80.png 150w" sizes="(max-width: 2694px) 100vw, 2694px">
 <figcaption id="caption-attachment-182657" class="wp-caption-text">
 BTC price prediction | Tradingview
 </figcaption>
</figure> 
Although the MACD is slightly bullish in the four-hour range, the trend is not clearly to the upside, mirroring the rectangle pattern. 
Intraday traders would be on the lookout for a break above both the 50-day Exponential Moving Average (EMA) and the 20-day (the red and blue lines on the chart). Such a move could turn attention to BTC by encouraging confidence in the bullish outlook. 
The bullish rectangle pattern means that the next likely outcome will be a breakout to the upside with the possibility of pushing BTC to the range between $53,000 and $54,000 in the short. Further movement will depend on the market sentiment, which is bound to improve, especially with <a href="https://coingape.com/bitcoin-etf-inflows-overshadow-gold-etfs-btc-to-eclipse-gold-market-cap/">Bitcoin ETFs</a>&nbsp;gaining momentum. 
Traders cannot immediately rule out the possibility of a deeper sweep at lower support areas like $50,000 and $48,000, considering Bitcoin is not out of the woods yet amid the consolidation. 
Nevertheless, the&nbsp;<a href="https://coingape.com/halving/bitcoin-halving/">halving</a>&nbsp;in April set to disrupt supply while demand increases is a factor likely to keep Bitcoin buoyed by investor optimism. 
The post <a href="https://coingape.com/markets/bitcoin-price-prediction-navigating-60000-bound-pre-halving-rally-as-aum-inflows-reach-570m/">Bitcoin Price: BTC Blast Off Surpasses $53,000, Igniting Pre-Halving Rally?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Bitcoin Price: BTC Blast Off Surpasses $53,000, Igniting Pre-Halving Rally?

Table of Contents

Coingape News Media

Other articles published on Feb 26, 2024

Africarare Sets the Metaverse Ablaze With A Mix of Tradition And Technology – Presale Is Live!

Appellate court rejects new trial for ‘My Big Coin’ founder

Nigeria’s economic woes might never end: Was the fuel subsidy removal worth it?

OANDA Prepares to Launch Crypto Trading Services in the UK

Whales move $115m of SOL; meme coin draws investor attention

Bitcoin Faces Crucial Monthly Close

Join our free newsletter for daily crypto updates!