$70.5K Bitcoin Price Marks 37% Monthly Jump

$70.5K Bitcoin Price Marks 37% Monthly Jump

Key Points

  • Current Bitcoin price hoverers around $70,500, a significant 5.12% increase in the last 24 hours.
  • Market weekly and monthly surges of nearly 9% and 37%, respectively, closing in on the all-time high.
  • Notable GBTC and US Spot Bitcoin ETFs outflows contradict the overall market optimism.

In the whirlwind world of cryptocurrencies, Bitcoin remains the undisputed king, consistently capturing the attention of investors and enthusiasts alike. The digital currency has recently seen a remarkable rally, with its price now hovering around $70,500. This upsurge represents a 5.12% increase over the last 24 hours. Such momentum underscores Bitcoin’s resilience and highlights the growing investor confidence in its long-term value. However, the landscape is complex, with factors like the Grayscale Bitcoin Trust (GBTC) conversion to an ETF and the fluctuating flows into US Spot Bitcoin ETFs painting a nuanced picture of market dynamics.

Bitcoin Price 5.12% Day Surge: Aiming for All-Time High

Bitcoin’s recent performance is nothing short of impressive. With a current price level of around $70,500 and the latest trading price of $70,584, the cryptocurrency is up by over 5.12% in the last 24 hours. Reflecting a broader growth trend, Bitcoin’s value surged, rising nearly 9% weekly and approximately 37% monthly, showcasing significant momentum. Remarkably, Bitcoin is now only 4.6% away from its all-time high of $73,750 recorded on March 14, indicating a strong bullish momentum in the market.

$14.1B Grayscale Bitcoin Trust Outflows Amid Bitcoin’s Rally

Despite Bitcoin’s upward trajectory, the investment landscape shows signs of caution. The Grayscale Bitcoin Trust (GBTC) has experienced outflows exceeding $14.1 billion since its conversion to an ETF. Similarly, US Spot Bitcoin ETFs have seen net outflows for five consecutive days, with a significant net inflow of $15.4 million reported only on Monday. The last week alone witnessed total investor withdrawals of $888 million, with the largest outflows occurring on March 19 and 20, amounting to $326 million and $262 million, respectively. These movements indicate a complex interplay of investor sentiment and market dynamics, potentially impacting Bitcoin’s short-term price movements.

Bitcoin Price Teeters: $71.2K Key Resistance

The immediate future of Bitcoin’s price hinges on several key factors. Should Bitcoin fail to ascend above the resistance zone of $71,200, it might face challenges sustaining its current momentum. The immediate support level near $70,000 and major support levels at $69,000 and $67,800 are critical in preventing potential downturns. Despite the hourly MACD’s waning bullish momentum, the hourly RSI’s steadiness above 60 signals a cautiously optimistic trend.