2024

Bitcoin ETF

Bitcoin

April

BTC price opened trading on March 25 above the $67,500 territory, as the bulls staged an 8% weekend recovery from Bitcoin ETFs’ $840 million sell-off last week. 
Bitcoin price battled bearish headwinds last week as <a href="https://crypto.news/bitcoin-etfs-see-a-fifth-consecutive-day-of-net-outflow/" target="_blank" data-type="post" data-id="14260585" rel="noreferrer noopener">ETFs piled on selling pressure</a>. On-chain data trends suggest <a href="https://crypto.news/price/bitcoin/">BTC</a> is poised for more volatility in the week ahead. 
<h2 class="wp-block-heading" id="why-is-bitcoin-price-up-today">Why is Bitcoin price up today?</h2> 
Bitcoin price surged as high as $67,600 in the early hours of March 25, largely thanks to rapid after-market purchases from US-based whale investors over the weekend. 
Bitcoin ETFs recorded the largest weekly negative netflows since inception, with BTC outflows topping $800 million. This sent Bitcoin prices spiraling toward $65,000 at close of trading of March 22. 
However, on-chain data shows how strategic whale investors took advantage of the price dip to acquire more BTC over the weekend, triggering an 8.3% price bounce in the process. 
Cryptoquant’s Coinbase Premium Index chart provides a real-time differences between BTC prices quoted on Coinbase Pro, in comparison to Binance exchange’s. 
<figure class="wp-block-image">
 <img decoding="async" src="https://fxempire-media.s3.amazonaws.com/fxempire-wordpress/uploads/2024/03/Screen-Shot-2024-03-25-at-6.26.42-AM.png" alt="Bitcoin (BTC) Coinbase premium Index vs. Price " class="wp-image-1418646">
 <figcaption class="wp-element-caption">
 Bitcoin (BTC) Coinbase premium Index vs. Price | Source: <a href="https://cryptoquant.com/asset/btc/chart/market-data/coinbase-premium-index?window=DAY&amp;sma=0&amp;ema=0&amp;priceScale=log&amp;metricScale=linear&amp;chartStyle=line" target="_blank" rel="noreferrer noopener">CryptoQuant</a>
 </figcaption>
</figure> 
The Coinbase Premim Index swung upwards as BTC price dipped below $65,000 on March 22, and stayed in positive values over the weekend. 
Coinbase Pro’s clientele is largely dominated by US-based corporate entities looking to trade in a more regulated environment, while Binance dominates global retail trading. 
In essence, positive values of the Coinbase premium index indicates peak buying activity among US-based whale investors creating a slightly higher pricing on Coinbase than Binance. 
While the whales buying pressure appears to have driven up BTC price 8% over the weekend, other vital market metrics suggest that more volatility could follow as the coming week unfolds. 
 You might also like: <a href="https://crypto.news/crypto-market-slumps-8-as-bitcoin-etf-outflows-exceed-836m-but-theres-a-catch/"> Crypto market slumps 8% as Bitcoin ETF outflows exceed $836m, but there’s a catch&nbsp; </a> 
<h2 class="wp-block-heading" id="volatility-ahead-long-term-investors-spotted-moving-btc-worth-6-4-billion">Volatility ahead: Long-term investors spotted moving BTC worth $6.4 billion</h2> 
The 4th Bitcoin halving event scheduled for April 20 is now less than a month away. Strategic investors are making calculated moves to profit off the potential price impact of the BTC halving.&nbsp; 
An unusual trend emerged at the weekend, signaling that some long-term investors could be on the verge of executing a major sell-off.&nbsp; 
The Santiment chart below shows the number of recently-traded coins that had been previously held unmoved for 365 days or more. This serves as a proxy for tracking impending sell-offs among long-term investors. 
<figure class="wp-block-image alignnone wp-image-1418700 size-full">
 <img decoding="async" src="https://fxempire-media.s3.amazonaws.com/fxempire-wordpress/uploads/2024/03/Screen-Shot-2024-03-25-at-10.21.50-AM.png" alt="Bitcoin (BTC) 1-year Dormant supply in circulation vs. Price" class="wp-image-1418700">
 <figcaption class="wp-element-caption">
 Bitcoin (BTC) 1-year Dormant supply in circulation vs. Price | Source: <a href="https://embed.santiment.net/chart?ps=bitcoin&amp;pt=BTC&amp;df=2024-01-28T00%3A00%3A00.000Z&amp;dt=2024-03-23T00%3A00%3A00.000Z&amp;emnm=1&amp;emcg=1&amp;wm=price_usd%3Bdormant_circulation_365d&amp;wax=0%3B1&amp;wc=%2326C953%3B%23FF5B5B&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22node%22%3A%22filledLine%22%7D" target="_blank" rel="noreferrer noopener">Santiment</a>
 </figcaption>
</figure> 
On March 23, long-term investors moved 97,737 BTC coins that were previously held dormant for over one year.&nbsp; Valued at the the current&nbsp; price of $67,500, the long-term investors have shifted BTC worth over $6.4 billion in to circulation.&nbsp; 
When long-held coins begin to move as ahead of major network event, such as the forthcoming Bitcoin halving, it is a firm indication of an imminent sell-off.&nbsp; 
There’s a possibility that the long-term holders have shifted the coins into a different storage option. However, considering that BTC prices have jumped by over 120% since March 2023, the holders are highly incentivized to sell.&nbsp; 
Hence, if that fresh supply of $6.4 billion worth BTC start trickling into the market supply, it could trigger intense market volatility in the week ahead.&nbsp; 
<h2 class="wp-block-heading" id="bitcoin-price-forecast-pre-halving-profit-taking-could-scuttle-75-000-rally">Bitcoin price forecast: Pre-halving profit-taking could scuttle $75,000 rally</h2> 
Drawing insights from the $6.4 billion surge in dormant BTC supply in circulation, Bitcoin price is likely to face intense sell-pressure in the week ahead, potentially scuttling chances of new all-time highs above $75,000. 
Although, bulls currently appear in control having staged an 8% weekend rebound, the placement of leveraged short positions in the derivatives markets shows that breaking above $70,000 could be a tall-order. 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="354" src="https://crypto.news/app/uploads/2024/03/Screen-Shot-2024-03-25-at-10.38.58-AM-1024x354.png" alt="Bitcoin price at risk as long-term Investors move to sell $6.4 billion BTC - 16" class="wp-image-14260832">
 <figcaption class="wp-element-caption">
 Bitcoin (BTC) price forecast, March 2024 | Liquidation Map | Source:<a href="https://www.coinglass.com/pro/futures/LiquidationMap" target="_blank" rel="noreferrer noopener"> Coinglass</a>
 </figcaption>
</figure> 
As seen above, the majority of high-leverage short positions are mounted around the $68,400 territory. Seeing that this is a high-volume trade territory, strategic traders could look to execute large profit-taking sell-orders with minimal slippage, while short-traders looking to mitigate losses could also simultaneously deploy stop-loss orders. 
Both of these factors could combine to exert intense downward pressure on Bitcoin price in the coming days. 
But on the flip side, if the market takes a positive turn and BTC breaks above the $70,000, the bulls face minimal resistance on the road to $75,000. 
 You might also like: <a href="https://crypto.news/bitcoin-is-winning-microstrategy-chair-michael-saylor/"> Bitcoin is ‘winning,’ compared to S&amp;P 500, MicroStrategy’s Michael Saylor says: Others disagree </a>

Bitcoin price at risk as long-term Investors move to sell $6.4 billion BTC

目录

crypto.news

发布于 2024年3月25日的其他文章

AI-Enabled Tax Fraud Poses Challenges for Detection

Terra was a ‘house of cards’ — SEC in opening statements for civil trial

Here's How Much $100 In Bitcoin Could Be Worth In 2030 If Cathie Wood's New Price Target Is Reached

ParaSwap begins returning crypto after critical smart contract bug

Next Cryptocurrency To Explode Monday, March 25 – Aerodrome Finance, Fantom, Dogecoin

Potential Impact of Bitcoin ETFs on BTC Price Dip Pre-Halving

订阅我们免费的电子期刊，获取每日最新加密领域动态！