Bitcoin ETF

Bitcoin

when

<ul>
 <li><strong>Bitcoin hits ATH of $69,170, then dips to a 6-day low of $59K.</strong></li>
 <li><strong>BlackRock’s Bitcoin ETF sets a $3.7B volume record amid volatility.</strong></li>
</ul>
<p>Bitcoin, the leading cryptocurrency by market cap, surged to a new all-time high of $69,170, marking its first record peak in over two years. The jubilation was short-lived, as BTC experienced a sharp decline, dropping to a 6-day low of $59,323. This volatility led to a 7% decrease in the overall market capitalization, underscoring the unpredictable nature.</p>
<p>Bitcoin’s rollercoaster ride reflects the complex interplay of factors driving its value. Notably, inflows into US-spot Bitcoin exchange-traded funds (ETFs), speculation in derivatives markets, and a potential decrease in the supply growth of the token have all contributed to this year’s significant rally. Yet, this surge has also stretched investor positions thin, sparking fears of a potential market pullback.</p>
<p>Adding to the tumult, a Bitcoin “whale” — a term for investors holding large amounts of cryptocurrency — reemerged after 14 years, transferring 1,000 <a href="https://thenewscrypto.com/bitcoin-btc-price-prediction/" rel="noopener noreferrer nofollow">BTC</a> (worth approximately $67.1 million) to the Coinbase exchange. These coins, minted in 2010 when Bitcoin’s value was below $0.28, netted an estimated profit of over $60 million. This move is speculated to be a catalyst for the market’s sudden downturn.</p>
<p>Meanwhile, in the same time duration, BlackRock’s iShares Bitcoin Trust <a href="https://thenewscrypto.com/blackrocks-bitcoin-etf-hits-milestone-aum-surpasses-10-billion/" rel="noopener noreferrer nofollow">ETF</a> shattered its daily trading volume record, reaching $3.7 billion as Bitcoin hit its peak. This surge in trading volume, a clear indicator of the growing mainstream interest in cryptocurrency, exceeded the previous record by $400 million.</p>
<h3 class="wp-block-heading" id="h-bitcoin-bulls-will-recover">Bitcoin Bulls Will Recover?</h3>
<p>Currently, Bitcoin is trading at $66,115.65, representing a decrease of 1.16%. The trading volume stands at $99 billion, marking a 31% increase. Amidst these developments, analyses of Bitcoin’s price movements paint a bullish picture. The daily chart shows a bullish trend, with the 9-day Simple Moving Average (SMA) positioned below the trading price at $62,919. However, the daily Relative Strength Index (RSI) suggests an overbought condition, standing at 72.</p>
<div class="wp-block-image">
 <figure class="aligncenter size-large"><img decoding="async" width="1024" height="481" src="https://thenewscrypto.com/wp-content/uploads/2024/03/image-25-1024x481.png" alt="" class="wp-image-93058" srcset="https://thenewscrypto.com/wp-content/uploads/2024/03/image-25-1024x481.png 1024w, https://thenewscrypto.com/wp-content/uploads/2024/03/image-25-300x141.png 300w, https://thenewscrypto.com/wp-content/uploads/2024/03/image-25-768x360.png 768w, https://thenewscrypto.com/wp-content/uploads/2024/03/image-25.png 1515w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   BTC Price Chart, Source: TradingView
  </figcaption>
 </figure>
</div>
<p>If the bulls take over, BTC might again create a new all-time high (ATH), surging above $69,300. Conversely, if the bears take over, it might drop to $60,735 and $59,627.</p>

Can Bitcoin (BTC) Bounce Back From Its Recent Dip?

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