Rally

Millions

Bitcoin

Strong

Momentum

<p>The price of Bitcoin has surged more than 21% in the last 7 days, with the price now very close to $62,000 – near its all-time high of $69,000. This significant movement happened 4 days ago after Bitcoin took off from $51,000 and reached $64,000 within just 3 days. The price is now seeing sideways movement on the 4-hour chart, but it looks like the move is not yet over. What has been behind this recent rally?</p>
<p><strong>Institutional Demand Outpacing Supply</strong></p>
<p>According to<a href="https://twitter.com/seth_fin/status/1763218983862341870?t=gnRoF0Qftj2zrh8cCCYpvw&amp;s=19" target="_blank" rel="noopener noreferrer nofollow"> Seth (@seth_fin) on Twitter</a>, the demand from Bitcoin ETFs reached 11,211 BTC two days ago while miners only produced 900 newly mined coins. This supply shock, with institutional demand greatly outpacing supply from miners, has put upward pressure on Bitcoin’s price.</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="423" src="https://captainaltcoin.com/wp-content/uploads/2024/03/image-14-1024x423.png" alt="" class="wp-image-446122" srcset="https://captainaltcoin.com/wp-content/uploads/2024/03/image-14-1024x423.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-14-300x124.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-14-767x317.png 767w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-14-1536x635.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-14-2048x847.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-14-363x150.png 363w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-14-100x41.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-14-847x350.png 847w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-14-788x325.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-14.png 900w" sizes="(max-width: 1024px) 100vw, 1024px">
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<p>Seth also notes that the upcoming Bitcoin halving in 51 days will further constrict supply, making him very bullish on Bitcoin’s long-term prospects. So surging institutional demand combined with constrained supply appears to be fueling this latest BTC price surge.</p>
<p><strong>Strong Support Around $60K Price Level</strong></p>
<p><a href="https://twitter.com/ali_charts/status/1763499267526656315" target="_blank" rel="noopener noreferrer nofollow">Another Top Analyst, Ali (@ali_charts)</a>, points out that Bitcoin is holding above massive support around the $60,000 – $62,000 price range, with 1 million addresses having purchased approximately 671,000 BTC in that accumulation zone.</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="372" src="https://captainaltcoin.com/wp-content/uploads/2024/03/image-13-1024x372.png" alt="" class="wp-image-446114" srcset="https://captainaltcoin.com/wp-content/uploads/2024/03/image-13-1024x372.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-13-300x109.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-13-768x279.png 768w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-13-1536x558.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-13-2048x744.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-13-413x150.png 413w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-13-100x36.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-13-963x350.png 963w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-13-788x286.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-13.png 900w" sizes="(max-width: 1024px) 100vw, 1024px">
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<p>This highlights strong investor confidence at current levels, cushioning against significant price drops and explaining Bitcoin’s ability to rally 21% over the last week.</p>
<p>In summary, the combination of growing institutional demand versus limited supply along with strong investor support around $60,000 seems to be driving Bitcoin’s ongoing price rally over the past 7 days.</p>
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<p>The post <a href="https://captainaltcoin.com/analysts-reveal-whats-really-behind-the-ongoing-bitcoin-btc-rally/" rel="noopener noreferrer nofollow">Analysts Reveal What’s Really Behind the Ongoing Bitcoin (BTC) Rally</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Analysts Reveal What’s Really Behind the Ongoing Bitcoin (BTC) Rally

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