Bitcoin

The soaring price of Bitcoin, fueled by both whale activity and the strong performance of BlackRock’s IBIT ETF, has sparked a bullish outlook, with projections aiming for a breakthrough above $70,000 and potentially reaching the significant milestone of $80,000.<h2 id="header-0">Chika Moji New Memecoin Claim Instant 100,000 Chika Tokens $100 Free, Claim Airdrop Now On<a href="https://chikamoji.lol/" rel="noopener noreferrer nofollow"> ChikaMoji.lol</a></h2><img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/02/Red-and-White-Modern-Corporate-Sports-YouTube-Outro-1.png?fit&#61;1920%2C1080&amp;ssl&#61;1" />Bitcoin faced volatility on Wednesday, attracting interest from whales who have been actively buying. After bouncing back from the $60,000 support level, BTC reached $72,000 before dipping below $70,000 temporarily. However, with increased demand for Bitcoin ETFs and a risk-taking attitude among whales, the price stabilized around $70,500 during US business hours on Thursday. Bitcoin’s price has seen a modest 0.22% increase over 24 hours, while trading volume surged by 27% to $43 billion, indicating growing trader interest.<h3 id="bitcoin-etfs-reach-new-milestones-amidst-blackrock-s-ibit-success">Bitcoin ETFs Reach New Milestones Amidst BlackRock’s IBIT Success</h3>BlackRock’s Bitcoin ETF, IBIT, has continued its impressive performance since its approval in January, recently <a href="https://cryptosheadlines.com/btc-surpasses-47000-as-vaneck-seeds-72m-to-bitcoin-etf/" rel="noopener noreferrer nofollow">surpassing 250,000 BTC</a>, equivalent to approximately $17.6 billion, by March 27. BitMEX Research data reveals that IBIT added 4,702 BTC to its assets under management, totaling 245,951 BTC, on Wednesday.<blockquote>[1/3] Bitcoin ETF Flow – 27 March 2024All data in. $243m total net inflow for the day. Record day for Ark and record low day for Fidelity <a href="https://t.co/dLrg6MzWBr" rel="noopener noreferrer nofollow">pic.twitter.com/dLrg6MzWBr</a>— BitMEX Research (&#64;BitMEXResearch) <a href="https://twitter.com/BitMEXResearch/status/1773282725371187532?ref_src&#61;twsrc%5Etfw" rel="noopener noreferrer nofollow">March 28, 2024</a></blockquote>According to BlackRock CEO Larry Fink, IBIT is lauded as “the fastest-growing ETF in the history of ETFs,” as stated in an interview with Charlie Gasparino of Fox Business.Fidelity’s FBTC ETF is another success story, boasting a <a href="https://cryptosheadlines.com/arkham-reveals-second-largest-btc-holdings-worldwide-in-grayscale-trust/" rel="noopener noreferrer nofollow">holding of at least 143,000 BTC</a>, valued at around $10 billion.<a href="https://cryptosheadlines.com/pepe-shiba-inu-price-dynamics-analyzed/" rel="noopener noreferrer nofollow">Also Read: Pepe &amp; Shiba Inu: Price Dynamics Analyzed</a><a href="https://cryptosheadlines.com/bitcoin-etfs-attracted-520-million-inflows-amid-btc-price-surge-toward-60000/" rel="noopener noreferrer nofollow">Bitcoin ETFs collectively experienced a daily net inflow</a> of $243 billion on March 27, with a cumulative total net inflow reaching $11.94 billion, as reported by SoSoValue.<h2 id="header-1">Chika Moji New Memecoin Claim Instant 100,000 Chika Tokens $100 Free, Claim Airdrop Now On<a href="https://chikamoji.lol/" rel="noopener noreferrer nofollow"> ChikaMoji.lol</a></h2><img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/02/Red-and-White-Modern-Corporate-Sports-YouTube-Outro-1.png?fit&#61;1920%2C1080&amp;ssl&#61;1" />However, Grayscale’s GBTC stands as the sole ETF facing negative performance, with a total daily <a href="https://cryptosheadlines.com/multichain-suspends-operations-following-122-million-outflows-from-fantom-bridge/" rel="noopener noreferrer nofollow">outflow volume of approximately $300 million</a>. To date, the cumulative net outflow <a href="https://cryptosheadlines.com/thorchain-reaches-10-billion-monthly-volume-amid-bitcoin-safety-debates/" rel="noopener noreferrer nofollow">volume for GBTC has reached $14.66 billion</a>.<img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/03/cryptosheadlines006-8.png?resize&#61;640%2C258&amp;ssl&#61;1" />Total <a href="https://cryptosheadlines.com/standard-chartered-spot-bitcoin-etfs-may-drive-100b-inflows-propel-btc-to-200k-by-2025/" rel="noopener noreferrer nofollow">Bitcoin Spot ETF Net Inflow</a> | SoSoValue<h3 id="bitcoin-halving-sparks-investor-frenzy-and-whale-activity">Bitcoin Halving Sparks Investor Frenzy and Whale Activity</h3>As the Bitcoin halving event approaches in April, both institutional and retail investors are eagerly securing their positions ahead of time. Despite a recent price dip in March, <a href="https://cryptosheadlines.com/bitcoin-btc-whales-engage-in-significant-sell-off-warranting-caution/" rel="noopener noreferrer nofollow">whales have been actively accumulating more BTC</a>, signaling confidence in the cryptocurrency’s future.<blockquote><img src="https://academy-public.coinmarketcap.com/optimized-uploads/77d91e6bc3fb4fc7a827fef89e8c3ee9.svg&#43;xml" /><img src="https://academy-public.coinmarketcap.com/optimized-uploads/3e5ce0cba393460c896d8bfcf9bdfebe.svg&#43;xml" /> <a href="https://twitter.com/hashtag/Bitcoin?src&#61;hash&amp;ref_src&#61;twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a>&#39;s third largest transaction in the past two weeks (15,411.92 <a href="https://twitter.com/search?q&#61;%24BTC&amp;src&#61;ctag&amp;ref_src&#61;twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a>) happened 13 hours ago. However, this was realatively tiny compared to the pair of massive transactions that occurred on March 22nd (87,051.03 <a href="https://twitter.com/search?q&#61;%24BTC&amp;src&#61;ctag&amp;ref_src&#61;twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> and 78,317.03 <a href="https://twitter.com/search?q&#61;%24BTC&amp;src&#61;ctag&amp;ref_src&#61;twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a>) during the asset&#39;s price dip to… <a href="https://t.co/HkLoUFkF2T" rel="noopener noreferrer nofollow">pic.twitter.com/HkLoUFkF2T</a>— Santiment (&#64;santimentfeed) <a href="https://twitter.com/santimentfeed/status/1772783138433044974?ref_src&#61;twsrc%5Etfw" rel="noopener noreferrer nofollow">March 27, 2024</a></blockquote><a href="https://cryptosheadlines.com/bitcoin-holders-in-profit-after-11-months-according-to-blockchain-data/" rel="noopener noreferrer nofollow">Blockchain data</a> analytics firm Santiment highlighted significant transactions on the Bitcoin network, with the third-largest transaction totaling 15,411.92 BTC occurring on Wednesday. While sizable, this transaction pales in comparison to previous large transactions, such as the 87,051.03 BTC transaction on March 22 and the 78,317.03 BTC transaction during Bitcoin’s slump to $60,000.<blockquote><img src="https://academy-public.coinmarketcap.com/optimized-uploads/3aba98387dbc444c9679390bc04f037b.svg&#43;xml" /> <a href="https://twitter.com/hashtag/Crypto?src&#61;hash&amp;ref_src&#61;twsrc%5Etfw" rel="noopener noreferrer nofollow">#Crypto</a> traders normally hope that <a href="https://twitter.com/hashtag/Bitcoin?src&#61;hash&amp;ref_src&#61;twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> and other assets carve their own market performance path, without reliance on <a href="https://twitter.com/hashtag/equities?src&#61;hash&amp;ref_src&#61;twsrc%5Etfw" rel="noopener noreferrer nofollow">#equities</a> or other sectors. But for a change, the crowd has been suggesting that the strong <a href="https://twitter.com/hashtag/AllTimeHigh?src&#61;hash&amp;ref_src&#61;twsrc%5Etfw" rel="noopener noreferrer nofollow">#AllTimeHigh</a> levels from the <a href="https://twitter.com/hashtag/SP500?src&#61;hash&amp;ref_src&#61;twsrc%5Etfw" rel="noopener noreferrer nofollow">#SP500</a> and <a href="https://twitter.com/hashtag/gold?src&#61;hash&amp;ref_src&#61;twsrc%5Etfw" rel="noopener noreferrer nofollow">#gold</a> are creating a… <a href="https://t.co/BfzzN3W9k5" rel="noopener noreferrer nofollow">pic.twitter.com/BfzzN3W9k5</a>— Santiment (&#64;santimentfeed) <a href="https://twitter.com/santimentfeed/status/1773093178318696887?ref_src&#61;twsrc%5Etfw" rel="noopener noreferrer nofollow">March 27, 2024</a></blockquote>On-chain data suggests that “key stakeholder dip buys” have played a role in supporting the recent recovery observed since late last week. With the halving event just three weeks away, Santiment suggests that whales are accumulating <a href="https://cryptosheadlines.com/aggressive-bitcoin-shorting-raises-potential-for-price-reversal/" rel="noopener noreferrer nofollow">Bitcoin aggressively</a> this week. Moreover, the growth in the perpetual contract funding rate indicates that Bitcoin is well-positioned to rally to new highs before the halving.<a href="https://cryptosheadlines.com/pepe-price-suggests-change-whats-next-for-memecoin/" rel="noopener noreferrer nofollow">Also Read: PEPE Price Suggests Change: What&#39;s Next for Memecoin</a>Analyzing the four-hour chart, BTC price appears poised to reach new record highs this week. The Moving Average Convergence Divergence (MACD) indicator may soon present a buy signal within the next few trading sessions, reinforcing the bullish sentiment.<img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/03/cryptosheadlines007-2.png?resize&#61;640%2C344&amp;ssl&#61;1" />Bitcoin price analysis chart | TradingviewTo confirm the bullish momentum, several four-hour candle closes above the descending trendline resistance are necessary. Additionally, the buy signal from the MACD, indicated by the blue line <a href="https://cryptosheadlines.com/bitcoin-addresses-surge-and-golden-cross-signals-price-recovery/" rel="noopener noreferrer nofollow">crossing above the red signal</a> line, is expected to attract more buyers into the market.<h3 id="bitcoin-price-outlook-potential-for-new-highs-amidst-seller-congestion">Bitcoin Price Outlook: Potential for New Highs Amidst Seller Congestion</h3>In the current market scenario, seller congestion is <a href="https://cryptosheadlines.com/will-bitcoins-price-be-28000-or-32000-what-to-expect-next-week/" rel="noopener noreferrer nofollow">expected in the red zone on the Bitcoin price</a> chart. However, with the rise in demand for BTC and the impending halving event, there is a possibility of this congestion being obliterated. If this occurs, Bitcoin price may surge to highs around $73,805, potentially opening the door for further gains toward the significant milestone of $80,000.Conversely, if Bitcoin fails to maintain its momentum and slides below the trendline support, a fresh round of profit-taking could ensue, leading to dips below the $70,000 mark. Nevertheless, given the increasing risk appetite among investors, such dips are likely to be short-lived, with the potential to quickly flip back up and build momentum for the next major move toward the $80,000 target.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.

BlackRock’s BTC ETF Accumulation: Catalyst for Pre-Halving Rally?

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