Bitcoin

Despite a recent increase in outflows from the largest institutional investment vehicle, Bitcoin (BTC) continues its surge towards all-time highs. On March 4, Bitcoin surpassed $66,000, reaching $66,412 during the Wall Street opening.<h2 id="header-0">Cryptos Headlines Token Airdrop Is Live, Claim Instant 5000 CHT Tokens Worth Of $50 Free On <a href="https://cryptosheadlinestoken.com/index.php/tokenomics/" rel="noopener noreferrer nofollow">CryptosHeadlinesToken.com</a></h2><img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/02/Binance-labs.png?fit&#61;850%2C480&amp;ssl&#61;1" />This advancement comes as outflows from the Grayscale Bitcoin Trust (GBTC) gain momentum once again.<h3 id="navigating-bitcoin-s-potential-next-moves">Navigating Bitcoin’s Potential Next Moves</h3>Bitcoin (BTC) showed significant upward momentum on Bitstamp, reaching a peak of $66,483, as per TradingView data. This <a href="https://cryptosheadlines.com/binance-lists-illuvium-ilv-perps-following-surging-demand/" rel="noopener noreferrer nofollow">surge followed</a> a 5% increase after the weekly close.<img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/03/cryptosheadlines002-4.png?resize&#61;640%2C457&amp;ssl&#61;1" />BTC/USD 1-hour chart. Source: TradingViewAs <a href="https://cryptosheadlines.com/bitcoin-approaches-29k-amid-fidelity-etf-amendment/" rel="noopener noreferrer nofollow">Bitcoin approaches</a> its all-time highs, analysts are weighing various scenarios for its trajectory. Venturefounder, contributing to CryptoQuant, hinted at a possible repeat of recent events, where sudden gains led to heightened volatility following a crash on Coinbase, the largest U.S. exchange.<img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/03/cryptosheadlines003-3.png?resize&#61;640%2C384&amp;ssl&#61;1" />BTC/USD 1-week chart with “cup and handle” pattern. Source: Venturefounder/X<h2 id="header-1">Cryptos Headlines Token Airdrop Is Live, Claim Instant 5000 CHT Tokens Worth Of $50 Free On <a href="https://cryptosheadlinestoken.com/index.php/tokenomics/" rel="noopener noreferrer nofollow">CryptosHeadlinesToken.com</a></h2><img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/02/Binance-labs.png?fit&#61;850%2C480&amp;ssl&#61;1" />Keith Alan, co-founder of Material Indicators, took a cautious approach, noting the formation of a classic Cup &amp; Handle pattern on the macro chart from the all-time high (ATH). He stressed the importance of a pullback from the ATH’s double top for the pattern’s full development. Nonetheless, Alan acknowledged the chance of the market surpassing the $69,000 record highs despite psychological pressure.Alan underscored the risk for over-leveraged traders, suggesting vigilance in monitoring a <a href="https://cryptosheadlines.com/solana-technical-analysis-high-volatility-and-sols-potential-return/" rel="noopener noreferrer nofollow">potential return</a> to the macro channel, currently situated in the $74,000 to $75,000 range, as a potential rejection point. He also mentioned that this threshold could shift higher if reaching it takes longer than expected.<a href="https://cryptosheadlines.com/todays-crypto-prices-bitcoin-hits-62k-ethereum-surpasses-3400doge-shib-pepe-rally/" rel="noopener noreferrer nofollow">Also Read: Today&#39;s Crypto Prices: Bitcoin Hits $62K; Ethereum Surpasses $3400;&#43;DOGE- SHIB- PEPE Rally</a><h3 id="bitcoin-s-resilience-amid-gbtc-outflows">Bitcoin’s Resilience Amid GBTC Outflows</h3>Despite increasing outflows from the <a href="https://cryptosheadlines.com/grayscale-bitcoin-trust-surges-towards-2023-highs-on-blackrock-etf-filing-buyers-rally/" rel="noopener noreferrer nofollow">Grayscale Bitcoin Trust</a> (GBTC), Bitcoin (BTC) continued its upward march. Notably, March 4 witnessed outflows from GBTC surpassing half a billion dollars, marking a reversal in trend from the decline observed in the latter half of February.Popular trader Daan Crypto Trades highlighted this trend reversal, noting a significant net outflow of -$139.6 million on Friday, primarily attributed to a substantial outflow from GBTC amounting to -$492.4 million. <a href="https://cryptosheadlines.com/arkham-intelligence-launches-crypto-data-marketplace-amid-privacy-concerns/" rel="noopener noreferrer nofollow">Data from crypto intelligence firm Arkham</a> corroborated this observation.<img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/03/cryptosheadlines004-2.png?resize&#61;640%2C237&amp;ssl&#61;1" />Grayscale Bitcoin Trust (GBTC) BTC holdings (screenshot). Source: CoinGlassDespite the outflows, GBTC remains the largest <a href="https://cryptosheadlines.com/1-million-bitcoin-addresses-hold-1-btc-or-more-glassnode/" rel="noopener noreferrer nofollow">Bitcoin investment vehicle in terms of BTC holdings</a>. As of March 4, GBTC’s holdings totaled 428,540 BTC, equivalent to $28.9 billion, according to monitoring resource CoinGlass.Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

BTC Approaches $67K Amid $550M GBTC Bitcoin Outflows

Table of Contents

CryptosHeadlines.com

Other articles published on Mar 4, 2024

Bitcoin Price Continues to Climb

Indonesia Looks to Review Crypto Tax Rules to Capitalize on Bull Market

Dogecoin Soars Beyond Expectations with Promising Targets

XRP’s Potential Rise to $1 in March

Dave Ramsey Says, 'Crypto Is Risky Business' — Do Crypto Experts Agree?

Wall Street Journal sued for defamation over fake news about crypto firms

Join our free newsletter for daily crypto updates!