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The Price Of Bitcoin May Reach a New All-Time High, But There is a Catch To This Surge

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The Price Of Bitcoin May Reach a New All-Time High, But There is a Catch To This Surge
  • The recent surge in bitcoin prices suggests a new all-time high (ATH) around the $74,000–$75,000 region.
  • Reduced inflows into Bitcoin spot ETFs indicate that a correction is possible.
  • Should the present ATH of $73,949 be swept, a decline into the weekly imbalance between $59,111 and $53,120 is possible.

As indicated in the last article, Bitcoin’s weekly sell signal appears to have occurred without a decline into a critical range. This early bounce might only be a brief squeeze that eventually surprises the impatient bulls.

The impact of Bitcoin spot ETF flows is lagging

Traditional markets operate differently than cryptocurrency markets, where data is instantly available. The flow data for the Bitcoin ETF is trailing since it is delayed. Data from CoinGlass indicates that inflows began to decrease drastically on March 13 following their peak influx of $1.04 billion. A net outflow of $154 million occurred on March 18, and this eventually reduced to the greatest netflow of—$326 million on March 19.

It’s interesting to note that the decrease in net flows and the recent dip in Bitcoin’s price occurred at the same time.

Bitcoin spot ETF

Therefore, a sharp correction to the current Bitcoin price bounce may be close if the outflows remain dominant.

The BTC price increase indicates a new ATH.

The price of bitcoin indicates that the positive trend is still in place on the daily chart. BTC attempted to retest the weekly imbalance of $59,111 to $53,120, but it was unsuccessful. A hopeful recovery rally, akin to the top formation in November 2021, has resulted from the premature rise in purchasing pressure.

A reversal is unlikely, though, given the optimistic state of the economy, unlike in 2021. Investors may, therefore, witness a correction that settles inside the previously stated weekly imbalance.

This anomalous rally, or a sweep of the new ATH of $73,949, is supported by the Relative Strength Index’s bounce off the “50” mean level, which signals the end of bullish exhaustion and the possible beginning of another leg higher.

Investors should look for a sell signal around $74,000 or a psychological level of $75,000. This might be a sell-off or profit-taking. This development may result in the freshly opened long positions being liquidated and the previously noted imbalance being corrected.

BTC price

A surge in buying pressure that drives Bitcoin above $75,000 and into a support level validates this gloomy forecast for the cryptocurrency’s price. BTC might rise to the next important level of $80,000 if this advance stabilizes above the mentioned level and accumulation from stalled buyers is permitted.

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