Bitcoin

The bull market is here! Nothing echoed this sentiment more than <a href="https://www.blockhead.co/tag/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin (BTC)</a> setting a new all-time high (ATH) of $73,500 over the past 24 hours. This set the entire crypto market roaring with <a href="https://www.blockhead.co/tag/bitcoin/" rel="noopener noreferrer nofollow">altcoins</a> also riding the bullish wave.The growing adoption of <a href="https://www.blockhead.co/tag/etfs/" rel="noopener noreferrer nofollow">Bitcoin ETFs</a> could drive further gains for BTC with Thailand’s SEC giving the greenlight for accredited investors in Thailand to invest in Bitcoin ETFs.In addition to this, Bitcoin ETFs have been witnessing record inflows from institutional investors. According to <a href="https://sosovalue.xyz/assets/etf?ref&#61;blockhead.co" rel="noopener noreferrer nofollow">SoSoValue</a> data, on March 12, the total net inflow into Bitcoin spot ETFs reached $1.05 billion, setting a new record for the highest single-day net inflow since the first trading day of the ETF.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/166267beccaa40d2acae3e580e65385c.png" />ETF Inflows | Source: SoSoValueThis represented an increase of approximately 56% compared to the net inflow of $673 million on February 28.<h3 id="rising-open-interest-echoed-bullish-sentiment">Rising Open Interest Echoed Bullish Sentiment</h3>In the futures market, Bitcoin’s Open Interest continues to surge higher. As of the time of writing, BTC’s Open Interest stood at $20.6 billion, representing a 40% share of the entire crypto market’s open interest.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/14c9863419d34393a2dd8f51d7ad5bef.png" />BTC Open Interest (4H Timeframe) | Source: CoinalyzeThe open interest data shows the total number of futures contracts held by market participants. It serves as a useful indicator to determine market sentiment and the strength behind price trends. As such, the rising open interest confirms the strong bullish bias for BTC with futures traders flocking into the market.<h3 id="trade-idea-for-btc-s-bullish-move">Trade Idea for BTC’s Bullish Move</h3>BTC’s daily timeframe price chart showed a low risk trading strategy that short to medium term traders can adopt to ride BTC’s bullish trend.The trading pattern shows that BTC’s price action typically tends to reach a psychological price level, dropping by 10-20% before continuing its bullish run. With the potential for BTC to reach $100k in the long term, it presents opportunities for traders to maximize the run.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/d44f3167a574429e915e7f78057589bf.png" />BTC/USDT on TradingView (Daily Timeframe)In the short term, traders can aim for 79-80K from the current market price. This would yield profits of between 9-10%. A short term exit at $80K would be a good capital preservation move before re-entering at $81-$82K with the goal of riding it to $90K.This offers a low risk approach to maximizing BTC’s bull run and could see traders net cumulative profits of 30-40%.Subscribe to Blockhead&#39;s daily newsletter for <a href="https://www.blockhead.co/#/portal/signup" rel="noopener noreferrer nofollow">FREE </a>and stay in the loop on digital assets. Follow our <a href="https://twitter.com/blockhead_co" rel="noopener noreferrer nofollow">X</a> and <a href="https://t.me/blockhead_co" rel="noopener noreferrer nofollow">Telegram </a>for our latest updates too!

Bitcoin Crosses $72K – What Happens Next?

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