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

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