Bitcoin Price Surges Above $73,700 Amid ETF Demand
- Bitcoin Price Peak: On March 13, 2024, Bitcoin reached a verified peak of $73,709, confirming the upward trend above $73,700, which is crucial for establishing a potential move towards the $74,000 target in the ongoing rally.
- ETF Demand Driving Force: On March 12, 2024, spot Bitcoin ETFs attracted $1.05 billion in net inflows, with BlackRock's IBIT accounting for $849 million, indicating strong institutional demand that provides a clear catalyst for Bitcoin's price surge.
- Market Sentiment Divergence: Despite Bitcoin trading at approximately $73,432 and a market cap nearing $1.47 trillion, the latest Fear and Greed Index indicates Extreme Fear, suggesting a low risk appetite that could impact future price movements.
- Psychological Resistance Level: The $74,000 mark is viewed as a psychological resistance level, and traders need to see sustained trading near $73,432 evolve into repeated acceptance above this resistance to confirm the breakout's validity; without such confirmation, volatility around this round number may increase.
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Technical Analysis for BTC
Technical Sentiment Analysis for Bitcoin (BTC). As of , Bitcoin (BTC) is exhibiting a Buy technical sentiment. Our proprietary analysis, which aggregates 3 technical signals, shows that 3 indicators are flashing buy, while 0 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Bitcoin (BTC) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 59809.382 | 63210.521 | 66987.722 | 70388.861 | 74166.062 | 77567.201 | 81344.402 |
| Fibonacci | 63210.521 | 65952.647 | 67646.735 | 70388.861 | 73130.987 | 74825.075 | 77567.201 |
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