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Bitcoin (BTC) reached new price highs before the March 13 Wall Street opening as buyers dominated the market.
BTC price surged back after a quick drop to $69,000, hitting a new all-time high of $73,679 on Bitstamp.
The market experienced a similar pattern to the beginning of the week, facing resistance at $73,800. However, there were no significant barriers to prevent further price discovery towards $80,000.
Popular trader Jelle highlighted that Bitcoin cleared out overleveraged positions, retested the 2021 cycle high, and bounced back to $72,000, indicating a positive outlook for continued upward movement.
Financial analyst Tedtalksmacro observed a surge in institutional fund inflows, particularly from the introduction of spot Bitcoin ETFs in the United States. These inflows surpassed previous levels and are expected to drive prices higher in the coming months.
On March 12, spot Bitcoin ETFs saw a record $1 billion in net inflows, with BlackRock’s iShares Bitcoin Trust leading the way. The total inflow of 14,706 BTC on that day alone accounted for a significant portion of the total new supply in 2024.
As of March 13, the two largest ETFs from BlackRock and Fidelity Investments held over 330,000 BTC, five times more than what miners added to the supply.
This article serves as news and information and does not provide investment advice. Readers are encouraged to conduct their own research before making any financial decisions.
