Market Dynamics Point To Potential Cryptocurrency Surge As Traders Get Set For Another Bitcoin Pump
Cryptocurrency traders are accustomed to Bitcoin and other assets charting their own course, often independent of traditional stocks and industries.
However, recent highs in the S&P 500 and gold markets are generating a buzz within the crypto community, with many anticipating a positive divergence that could drive BTC and altcoins upward.
#Crypto traders normally hope that #Bitcoin and other assets carve their own market performance path, without reliance on #equities or other sectors. But for a change, the crowd has been suggesting that the strong #AllTimeHigh levels from the #SP500 and #gold are creating a… pic.twitter.com/BfzzN3W9k5
— Santiment (@santimentfeed) March 27, 2024
With the halving event just three weeks away and Bitcoin whales accumulating significant wealth, speculation is rife regarding the future direction of cryptocurrencies. This sentiment is further fueled by today’s hike in the perpetual contract funding rate on Binance, adding to the optimism in the market.
Analyst Ali Martinez points to a potential breakout in Bitcoin’s price action, noting a bullish pattern on the 4-hour chart. Should BTC maintain its position above $70,000, there’s potential for a surge of nearly 10%, pushing the price to a new all-time high of $77,000. As of now, Bitcoin is trading at $70,834.
#Bitcoin appears to be breaking out of a bull flag on the 4-hour chart! If $BTC holds above $70,000, we could see a surge of nearly 10% to a new all-time high of $77,000! pic.twitter.com/MPVB70p9DU
— Ali (@ali_charts) March 28, 2024
Despite Bullish Momentum, Bitcoin ETFs Net Inflow Drops 44.4%
Meanwhile, on-chain data from Spotonchain sheds light on the activity in BTC exchange-traded funds (ETFs). The net inflow for March 27, 2024, amounted to +245M, marking a 41.4% drop compared to the previous trading day.
$BTC #ETF Net Inflow Mar 27, 2024: +245M!
• The net inflow dropped by 41.4% compared to the previous trading day.
• iShares Bitcoin Trust $IBIT returned to the top of the leaderboard with a single-day net inflow of $324M.
• Grayscale Bitcoin Trust $GBTC single-day net… https://t.co/HgO36FBGby pic.twitter.com/4CEQC9TgST
— Spot On Chain (@spotonchain) March 28, 2024
Notably, iShares Bitcoin Trust (IBIT) reclaimed its position at the top of the leaderboard with a single-day net inflow of $324M. However, Grayscale Bitcoin Trust (GBTC) continues to experience significant outflows, with an average single-day net outflow of $300M over the past 23 trading days.
These market dynamics suggest a period of potential growth and volatility for cryptocurrencies, as investors closely monitor developments in traditional markets and the evolving landscape of digital assets.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
Filed under: Bitcoin - @ March 29, 2024 4:58 am