Bitcoin (BTC) Price Is Strengthening in a Critical Week for ETF
The price of Bitcoin (BTC) entered a certain consolidation phase this weekend as market bulls struggled against the bearish movement that sent the leading cryptocurrency lower. All time high (ATH) fell from $70,083.05 to $61,442 last week.
Bitcoin Price and ETF Momentum
The price of Bitcoin (BTC) was recorded by the sudden reaction following the sell-off following the breach of the $70,000 ATH. Currently priced at $69,548.88 at the time of writing, Bitcoin managed to register a growth of 1.64% in the last 24 hours and is now trying to break the $70,000 mark again.
Amid consolidation moves, the spot BTC ETF, the catalyst driving Bitcoin’s growth, remains a force to be reckoned with next week. According to data from Crypto Capital Compounder HODL15Capital, the Bitcoin Order Book is currently very weak. Data analysis featuring Coinbase revealed that there are less than 150 BTC available to purchase per $70,000 Bitcoin valuation.
This compares to 5-10,000 BTC. Spot Bitcoin ETF Issuers are on track to add to their portfolios as the week opens. The supply squeeze created by spot Bitcoin ETF issuers, specifically BlackRock, Fidelity Investments, Ark Invest, and Bitwise, has created an unprecedented shortage that has pushed the price of Bitcoin (BTC) to unprecedented levels.The Bitcoin order book is very thin. Considering ETFs will need to buy 5-10,000 BTC tomorrow, there is no sell wall to speak of (less than 150 BTC is selling for $70,000 on Coinbase)
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— HODL15Capital(@HODL15Capital) March 10, 2024
Supporting Current Price Discovery
While Bitcoin is effectively looking to establish long-term support at the $70,000 level, experts predict that it is in a price discovery mode with a potential peak that is difficult to determine in the short term.
Last week, some 33,000 BTC were purchased by all issuers, including outflows from Grayscale Investments. If this rate holds next week, this will not only help Bitcoin price bounce back to its previous level, but could also trigger another bullish sentiment. ATH only to set another one that could rise as high as $80,000.
It is inevitable that the liquidity crunch will become even more intense. Bitcoin halving The event, planned to be held 37 days later, has started.
Thanks to this event, the amount of Bitcoin given to miners daily will be reduced by 50% from 6.25 BTC per block to 3,125 BTC. This means the daily average of 900 BTC produced will now drop to 450 BTC, which could help kick-start the rally if Spot Bitcoin ETF demand remains the same or higher. $300,000 goal It was determined for this year by “Rich Dad Poor Dad” Author Robert Kiyosaki.
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Benjamin Godfrey is a blockchain enthusiast and journalist who enjoys writing about real-life applications of blockchain technology and innovations to ensure mainstream acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain-based media and sites. Benjamin Godfrey is a lover of sports and agriculture. follow him excitementLinkedIn
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