FOMO

Bitcoin

Gold

Bitcoin price made another surprise move on Friday during US business hours, where it briefly escaped the sell wall at $69,000 to touch new highs at $70,000. The largest crypto is standing strong despite calls for a retracement, considering the rally from lows under $40,000 in January.
A massive sell wall in the region between $69,000 and $70,000 is the elephant in the room. It is not clear why some investors are selling in the middle of the bull run, however, most of the selling pressure could be coming from old miners.
<h2 class="p1" id="how-to-navigate-bitcoin-this-weekend">How To Navigate Bitcoin This Weekend</h2>
After a roller-coaster week that saw a remarkable rally above $69,000 earlier in the week followed by an immediate downturn below $60,000, bulls are back, this time with a bang.
Testing its highest level at $70,000 today proves that&nbsp;<a href="https://coingape.com/breaking-bitcoin-btc-price-breaches-70000-ath/" rel="noopener noreferrer nofollow">Bitcoin</a>&nbsp;has the potential to uphold the pre-halving rally further. FOMO is bound to grip retail investors and other small players with every additional milestone Bitcoin achieves.
<figure id="attachment_184846" aria-describedby="caption-attachment-184846" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-184846" src="https://coingape.com/wp-content/uploads/2024/03/BTCUSD_2024-03-08_20-27-15.png" alt="Bitcoin price chart | Tradingview" width="2694" height="1444" srcset="https://coingape.com/wp-content/uploads/2024/03/BTCUSD_2024-03-08_20-27-15.png 2694w, https://coingape.com/wp-content/uploads/2024/03/BTCUSD_2024-03-08_20-27-15-300x161.png 300w, https://coingape.com/wp-content/uploads/2024/03/BTCUSD_2024-03-08_20-27-15-1224x656.png 1224w, https://coingape.com/wp-content/uploads/2024/03/BTCUSD_2024-03-08_20-27-15-768x412.png 768w, https://coingape.com/wp-content/uploads/2024/03/BTCUSD_2024-03-08_20-27-15-1536x823.png 1536w, https://coingape.com/wp-content/uploads/2024/03/BTCUSD_2024-03-08_20-27-15-2048x1098.png 2048w, https://coingape.com/wp-content/uploads/2024/03/BTCUSD_2024-03-08_20-27-15-150x80.png 150w" sizes="(max-width: 2694px) 100vw, 2694px">
 <figcaption id="caption-attachment-184846" class="wp-caption-text">
 Bitcoin price chart | Tradingview
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</figure>
A robust support has formed between $65,053 and $67,008 according to blockchain analytics by&nbsp;<a rel="noopener noreferrer nofollow" href="https://app.intotheblock.com/coin/BTC/deep-dive?group=financials&amp;chart=inAndOut">IntoTheBlock</a>.
Approximately 802,000 addresses purchased 687,000 BTC at an average price of $65,960, reinforcing the bullish theory in Bitcoin. The IOMAP shows the absence of significant resistance areas, which could accentuate the rally above $70,000 during the weekend.
<figure id="attachment_184848" aria-describedby="caption-attachment-184848" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-184848" src="https://coingape.com/wp-content/uploads/2024/03/Screenshot-2024-03-08-at-19.54.55.png" alt="Bitcoin IOMAP chart | IntoTheBlock" width="2374" height="1074" srcset="https://coingape.com/wp-content/uploads/2024/03/Screenshot-2024-03-08-at-19.54.55.png 2374w, https://coingape.com/wp-content/uploads/2024/03/Screenshot-2024-03-08-at-19.54.55-300x136.png 300w, https://coingape.com/wp-content/uploads/2024/03/Screenshot-2024-03-08-at-19.54.55-1224x554.png 1224w, https://coingape.com/wp-content/uploads/2024/03/Screenshot-2024-03-08-at-19.54.55-768x347.png 768w, https://coingape.com/wp-content/uploads/2024/03/Screenshot-2024-03-08-at-19.54.55-1536x695.png 1536w, https://coingape.com/wp-content/uploads/2024/03/Screenshot-2024-03-08-at-19.54.55-2048x927.png 2048w, https://coingape.com/wp-content/uploads/2024/03/Screenshot-2024-03-08-at-19.54.55-150x68.png 150w" sizes="(max-width: 2374px) 100vw, 2374px">
 <figcaption id="caption-attachment-184848" class="wp-caption-text">
 Bitcoin IOMAP chart | IntoTheBlock
 </figcaption>
</figure>
On-chain flows from exchanges are also on an upward trend, underscoring the positive sentiment in the market. Following a slight correction to 18,670 BTC on February 18, aggregate exchange outflow volume has increased to 34,410 BTC.
Investors prefer to hold BTC outside exchanges when they have no intention to sell in the near term. Therefore, increased exchange outflows could signal a reduction in selling pressure, thus propping&nbsp;<a href="https://coingape.com/bitcoin-news-coinbase-btc-market-share-climbs-to-60-after-etf-approval/" rel="noopener noreferrer nofollow">Bitcoin price</a>&nbsp;for another leg up. Generally, it is a factor that helps to shape the long-term bullish outlook in Bitcoin.
<figure id="attachment_184847" aria-describedby="caption-attachment-184847" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-184847" src="https://coingape.com/wp-content/uploads/2024/03/Screenshot-2024-03-08-at-19.54.16.png" alt="Bitcoin aggregate exchange outflow volume | IntoTheBlock" width="2374" height="1074" srcset="https://coingape.com/wp-content/uploads/2024/03/Screenshot-2024-03-08-at-19.54.16.png 2374w, https://coingape.com/wp-content/uploads/2024/03/Screenshot-2024-03-08-at-19.54.16-300x136.png 300w, https://coingape.com/wp-content/uploads/2024/03/Screenshot-2024-03-08-at-19.54.16-1224x554.png 1224w, https://coingape.com/wp-content/uploads/2024/03/Screenshot-2024-03-08-at-19.54.16-768x347.png 768w, https://coingape.com/wp-content/uploads/2024/03/Screenshot-2024-03-08-at-19.54.16-1536x695.png 1536w, https://coingape.com/wp-content/uploads/2024/03/Screenshot-2024-03-08-at-19.54.16-2048x927.png 2048w, https://coingape.com/wp-content/uploads/2024/03/Screenshot-2024-03-08-at-19.54.16-150x68.png 150w" sizes="(max-width: 2374px) 100vw, 2374px">
 <figcaption id="caption-attachment-184847" class="wp-caption-text">
 Bitcoin aggregate exchange outflow volume | IntoTheBlock
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</figure>
<h2 class="p1" id="bitcoin-price-rally-the-etf-effect">Bitcoin Price Rally: The ETF Effect</h2>
It is almost two months since the Securities and Exchange Commission (SEC) approved the first spot&nbsp;<a href="https://coingape.com/bitcoin-etf-issuer-hold-175k-btc-despite-grayscale-robust-outflow/" rel="noopener noreferrer nofollow">Bitcoin ETFs</a>&nbsp;in the US. The ETFs led by the best-performing&nbsp;<a href="https://coingape.com/blackrocks-bitcoin-stash-reaches-12-3b-as-btc-hits-new-ath/" rel="noopener noreferrer nofollow">BlackRock’s</a>&nbsp;IBIT have exceeded expectations, reaching milestones that took gold ETFs many years to achieve.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Something is in the water again, the ten bitcoin ETFs have seen a big day's worth of volume in the first two hours, on pace to beat Tuesday's wild $10b day. <a href="https://twitter.com/search?q=%24IBIT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$IBIT</a> alone is $2.2b. A billion a day is big boy level, IBIT doing a bil an hour. <a href="https://t.co/ihp8p1LIlO" rel="noopener noreferrer nofollow">pic.twitter.com/ihp8p1LIlO</a>
 — Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1766141558179631371?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">March 8, 2024</a>
</blockquote>
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With a cumulative total net inflow of $9.37 billion, according to&nbsp;<a rel="noopener noreferrer nofollow" href="https://sosovalue.xyz/assets/etf">SoSoValue</a>, demand for BTC is growing at an unexpected rate. Sentiment is also holding steady with more players — institutional and retail turning to Bitcoin the crypto as well as the ETF.
<figure id="attachment_184849" aria-describedby="caption-attachment-184849" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-184849" src="https://coingape.com/wp-content/uploads/2024/03/Screenshot-2024-03-08-at-20.02.46.png" alt="Bitcoin ETF stats | SoSoValue" width="2374" height="986" srcset="https://coingape.com/wp-content/uploads/2024/03/Screenshot-2024-03-08-at-20.02.46.png 2374w, https://coingape.com/wp-content/uploads/2024/03/Screenshot-2024-03-08-at-20.02.46-300x125.png 300w, https://coingape.com/wp-content/uploads/2024/03/Screenshot-2024-03-08-at-20.02.46-1224x508.png 1224w, https://coingape.com/wp-content/uploads/2024/03/Screenshot-2024-03-08-at-20.02.46-768x319.png 768w, https://coingape.com/wp-content/uploads/2024/03/Screenshot-2024-03-08-at-20.02.46-1536x638.png 1536w, https://coingape.com/wp-content/uploads/2024/03/Screenshot-2024-03-08-at-20.02.46-2048x851.png 2048w, https://coingape.com/wp-content/uploads/2024/03/Screenshot-2024-03-08-at-20.02.46-150x62.png 150w" sizes="(max-width: 2374px) 100vw, 2374px">
 <figcaption id="caption-attachment-184849" class="wp-caption-text">
 Bitcoin ETF stats | SoSoValue
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Eric Balchunas, Bloomberg’s ETF analyst said in a recent interview that the growth of the ETF is attributed to asset managers willing to buy in, growing retail interest, and the “ETF effect.”
An ETF effect refers to a situation where people anticipate more inflows while booking positions to capitalize on potential price increases. According to Balchunas, IBIT is breaking off from the rest and is likely to end up as the most successful ETF.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 How, in 7 Weeks, Bitcoin ETFs Reached Inflows That Took Gold ETFs 3 Years
 In this episode, <a href="https://twitter.com/EricBalchunas?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@EricBalchunas</a>, senior ETF Analyst at <a href="https://twitter.com/Bloomberg?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@Bloomberg</a> Intelligence, discussed the performance of <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> ETFs since their launch two months ago.
 Balchunas noted that the ETFs’ performance… <a href="https://t.co/EUmvlQ4vol" rel="noopener noreferrer nofollow">pic.twitter.com/EUmvlQ4vol</a>
 — Laura Shin (@laurashin) <a href="https://twitter.com/laurashin/status/1766128412236623977?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">March 8, 2024</a>
</blockquote>
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Should Bitcoin close the day above $68,000, traders would be eyeing the next closes above $69,000 and $70,000, respectively to validate the uptrend. Further price movement beyond $70,000 could ignite a parabolic rally toward $100,000 ahead go the halving in April.
The post <a href="https://coingape.com/markets/what-to-expect-as-bitcoin-price-hits-new-ath-70000-before-halving/" rel="noopener noreferrer nofollow">What To Expect As Bitcoin Price Hits New ATH – $70,000 Before Halving</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

What To Expect As Bitcoin Price Hits New ATH – $70,000 Before Halving

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