Bitcoin ETF

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Grayscale Bitcoin Trust

Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) closed above $69,000 on March 25 as bulls reclaimed a key resistance zone.
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 <img src="https://s3.cointelegraph.com/uploads/2024-03/5ee55854-9b3b-4a30-9c1d-3db6c232564c.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USD 1-hour chart. Source: TradingView
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<h2 data-ct-non-breakable="true" id="btc-price-roars-to-10-day-highs-on-etf-strength">BTC price roars to 10-day highs on ETF strength</h2>
Data from <a href="https://subscription.cointelegraph.com/">Cointelegraph Markets Pro</a> and <a href="https://www.tradingview.com/symbols/BTCGBP/?exchange=BINANCE" target="_blank" rel="noopener nofollow">TradingView</a> confirms that BTC/USD scored its highest daily close in 10 days.
An uptick during the first Wall Street trading session <a href="https://cointelegraph.com/news/btc-price-69k-bitcoin-short-liquidation-zone">offered a change of tone</a> for BTC price strength, which gained up to $4,600 on the day.
That strength continued after the close, with Bitcoin heading past the $71,000 mark at the time of writing.
Commenting on the latest market events, financial commentator Tedtalksmacro noted that the United States spot Bitcoin exchange-traded funds (ETFs) had returned to net inflows.
These had seen “red” flow days <a href="https://cointelegraph.com/news/bitcoin-price-clear-new-record-high-agbtc-outflows-drop-170m">throughout the week prior</a>, with weak uptake combined with record outflows from the Grayscale Bitcoin Trust (GBTC).
“After 5 consecutive outflow days, Bitcoin spot ETFs saw +$15.4M USD flow in on Monday. +262M from Fidelity,” he <a href="https://twitter.com/tedtalksmacro/status/1772471201480233112" target="_blank" rel="noopener nofollow">wrote</a> on X.
<blockquote data-ct-non-breakable="true">
 “The bid is back.”
</blockquote>
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 <img src="https://s3.cointelegraph.com/uploads/2024-03/d5471b8d-5891-4c73-8289-6b4a84fc3d77.png">
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 Bitcoin ETF flows (screenshot). Source: Farside
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While GBTC outflows remained significant at $350 million, per data from United Kingdom-based investment firm <a href="https://farside.co.uk/?p=997" target="_blank" rel="noopener nofollow">Farside</a>, BTC/USD managed to shrug off any barriers to the upside.
In a characteristically optimistic outlook on what might be to come, popular trader and analyst Matthew Hyland thus saw the path toward six-figure BTC price territory reopening.
“If this turns into the clearing of this final area for Bitcoin then increased likelihood of a run up to $100k is incoming,” he <a href="https://twitter.com/MatthewHyland_/status/1772476122212479310" target="_blank" rel="noopener nofollow">told</a> X followers.
Previously, Hyland revealed a reset on a classic BTC price metric to levels that last occurred when Bitcoin traded at $40,000 in late January.
Daily relative strength index (RSI) values flushing below the key 50 level on March 20, he subsequently <a href="https://twitter.com/MatthewHyland_/status/1772387761577668758" target="_blank" rel="noopener nofollow">concluded</a>, had been a “good signal” for the rebound.
Daily RSI stood at just above 60 at the time of writing — still below classic bull market territory above 70.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-03/3f681957-d1ce-4cd1-97bc-dd81345888c4.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USD 1-day chart with RSI. Source: TradingView
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<h2 data-ct-non-breakable="true" id="trader-cool-on-bitcoin-futures-gap">Trader cool on Bitcoin futures gap</h2>
Considering the chances of downside, meanwhile, fellow analyst Mark Cullen acknowledged the presence of “gaps” in CME Group Bitcoin futures markets.
Related: <a href="https://cointelegraph.com/news/why-is-bitcoin-price-up-today">Why is Bitcoin price up today?</a>
As Cointelegraph reported, <a href="https://cointelegraph.com/news/gbtc-outflows-incredible-demand-5-things-bitcoin-this-week">these often act as near-term BTC price targets</a>, and one left at the weekend below $64,000 remains unfilled.
“Another option for $BTC, after filling the upper CME gap, now fill the lower and consolidate in a triangle before pushing higher,” Cullen suggested.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-03/1e768ba3-cdcc-4a7f-8f5a-b8fea11ca89b.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USD chart with CME futures gaps marked. Source: <a href="https://twitter.com/mark_cullen/status/1772498739741036598?s=20" target="_blank" rel="noopener nofollow">Mark Cullen</a>
 </figcaption>
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For trader Daan Crypto Trades, however, there was little need for concern regarding a fresh BTC price dip.
“First time in a while where we actually made a considerable gap and didn’t immediately close it,” part of an X post <a href="https://twitter.com/DaanCrypto/status/1772368358379311143/photo/1" target="_blank" rel="noopener nofollow">stated</a>. 
<blockquote data-ct-non-breakable="true">
 “Would not look at this gap too much as long as price is so far away. Often during big breakouts we leave gaps like these behind.”
</blockquote>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin ETFs see $15M comeback as BTC price taps best close in 10 days

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