Key Insights:
- Bitcoin ETF inflows surpass $500M, fueling bullish momentum.
- Traders eye $90K target amid massive short squeeze.
- Rumors of U.S. crypto policy shift boost market optimism.
Following a rebound from the demand zone of $75k, Bitcoin price has been consolidating around the 200-day EMA hurdle. Amidst a recovery of over 8% in the past two weeks, BTC price was still looking for further upmove and setting eyes to reclaim $100k.
With a strong rise in ETF inflows, traders foresee a potential breakout and anticipate a move toward $100k in the upcoming sessions.
At press time, Bitcoin price was trading at $84150, noting an intraday rise of over 2.13%. Its market cap stood at $ 1.66 Trillion, and its trading volume dropped by over 12.20%.
Bitcoin ETF Inflows Exceed $500M, Fueling Market Optimism
BTC saw a substantial rise from institutional investors drawn to spot Bitcoin’s spot ETF inflows. During the past four days, institutions invested more than $500 million.
Crypto analyst Ted Pillows highlighted the influx, suggesting it could signal substantial accumulation among institutional players.
The significant surge occurred after the Federal Reservedecidedn to maintain interest rates. In a recent statement by Fed Chair Jerome Powell, he hinted at two possible rate cuts by late 2025.
Following the announcement, Bitcoin and U.S markets displayed upward momentum. On March 20, the S&P 500 experienced an increase in market capitalization, which reached $500 billion.
Former BitMEX CEO Arthur Hayes predicted that quantitative tightening (QT) would be finished in April. The increase in risk-on-asset potential becomes stronger under these circumstances.
“Was $BTC $77K the bottom? Prob,” Hayes wrote in an X post.
U.S. Crypto Policy Shift? Market Buzz Sparks Optimism
The rise in Bitcoin price appears simultaneously as the United States explores new rules that could change crypto regulation policies.
New reports indicate the U.S. government plans to unveil substantial crypto policy changes by March 21.
Technical analysis of Bitcoin shows positive signs in the present market. According to analyst Rekt Capital, an additional 8% price surge would push Bitcoin through vital resistance boundaries.
Institutions show growing interest while traders aim high, strengthening Bitcoin’s market performance. Bitcoin’s forthcoming path will depend on the regulatory standards that emerge throughout the upcoming months.
BTC Price Prediction: Key Levels to Watch
In the daily timeframe, the BTC price stagnates close to the 200-day EMA hurdle, around $85k, and seems ready for further upsurge. Amidst the recent recovery of over 8%, the bear army is in a dilemma and could cover its short positions, which might trigger a short squeeze ahead.
Merlijn The Trader, a prominent analyst, suggested that Bitcoin price might consolidate within a falling wedge for 10-15 days. This phase could precede a “massive breakout” toward $109,000.
Despite the significant price recovery of 1.20% in the past 48 hours, Open Interest (OI) shed over 3.20% to $52.97 Billion, highlighting a short covering move.
The immediate support zones were $82000 and $80000, whereas the resistance zones were $88000 and $93000.
Disclaimer
In this article, the views and opinions stated by the author or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Ivan Petrov is a seasoned journalist with deep insights into Russia’s dynamic crypto landscape. His work focuses on market dynamics and the transformative potential of blockchain technology, making him a go-to expert for understanding Russia’s digital financial innovations.