Bitcoin Has Surpassed the $65,000 Mark
Bitcoin started the week with new records, hitting the $65,000 mark.
Bitcoin continues its impressive rally. This week, the asset opened with an increase of 6%, reaching the mark of 65,000 dollars. Currently, the main cryptocurrency is only 6% away from reaching an all-time high of $69,000, set on November 10, 2021.
The main factor remains the growing interest in Bitcoin ETFs. One major fund, BlackRock, has raised $10 billion in the past seven weeks. This points to a broader trend of growing demand for Bitcoin among institutional investors seeking access to the cryptocurrency market through traditional investment vehicles. Entrepreneur Anthony Scaramucci predicts that Bitcoin ETFs will eventually control 10% of Bitcoin supply.
When BTC ETFs get to 1.7mm coins they will likely control 10 percent of what is available. Coins have been lost since inception. They are at 776k now. The acceleration will happen quickly after that.
— Anthony Scaramucci (@Scaramucci) March 4, 2024
Investors are in anticipation of the April halving, which also points to the continued growth of the major cryptocurrency.
The bullish momentum has led to some interesting observations. IntoTheBlock data showed that 97% of Bitcoin addresses are currently in profit. This is the highest figure since November 2021.
In addition, the rise of Bitcoin whales has led to demand for the main cryptocurrency outstripping its supply by a factor of five. This has caused a sharp outflow of Bitcoins from major exchanges. In total, just over $2.3 billion in Bitcoin left exchanges on Friday. This all points to a decrease in selling pressure and an increase in FOMO.
I don’t think I’ve quite seen anything like this before.
— James Van Straten (@jvs_btc) March 3, 2024
All in all on the Friday, just over $2.3B worth of #Bitcoin left exchanges. One of the biggest withdrawals in over 5 years.
(Roughly $200M of this was sent to Coinbase Prime) so let’s call it $2B.
Binance saw about… https://t.co/QkSumLzDrn pic.twitter.com/XrrXp9vF20
At the time of writing, Bitcoin was trading at $65,035.
Source and Copyright © TradingView
Last night the asset overcame important resistance levels of $64,255 and $65,000. Now the bulls are trying to test the level of $65,500. The RSI index is at 73, which indicates that Bitcoin may be overbought. Which could lead to a pullback in the near term. However, the 50-day EMA indicates a continued bullish bias. Further upside could send the price towards the $65,730 level. The $66,300 mark is a key resistance, after which Bitcoin will continue its strong growth.
On the negative side, Bitcoin will roll back to support levels at $62,250, $61,000 and $60,300.
This is not a one hundred percent statement. The cryptocurrency market is very volatile and unpredictable. Investors should exercise caution.
