Bitcoin broke above $70,000 on March 8. With buyers in the driving seat and traders expecting even more in the sessions ahead, prices will likely only
Bitcoin broke above $70,000 on March 8. With buyers in the driving seat and traders expecting even more in the sessions ahead, prices will likely only continue floating even higher. At spot rates, BTC is up 2% in the last 24 hours and 10% in the previous week of trading.
Looking at the market cap, Bitcoin is now valued at over $1.3 trillion. However, what’s evident is that though the total market cap is up 1.3% on the last day, Bitcoin’s share is down to 51.6%. This suggests that altcoins are growing in strength and receiving capital from aggressive investors.
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Bitcoin trading volume is up to $57.5 billion in the last trading day, an increase from March 8. As prices break higher, it is highly likely that more volume will be traded, increasing liquidity and priming the coin to new 2024 highs.
This weekend, the following are worth watching:
- BlackRock, arguably the world’s largest asset manager, filed with the United States Securities and Exchange Commission (SEC) to buy Bitcoin for its funds. As of 2024, BlackRock is estimated to manage over $10 trillion worth of assets. Beyond this, reports show that $20 trillion of funds use their Alladin platform to make portfolio allocations.
- As Bitcoin soars above all-time highs–and ahead of halving, a record number of coins are being pulled from exchanges. Outflows often mean confidence in the coin’s prospects, which is a bullish development. Bitcoin halving will further reduce the coin’s inflation, making it scarcer.
Bitcoin Price Analysis
In the daily chart, BTC/USD is trading at new all-time highs, retracing slightly from $70,000.
Buyers are in control. Any breakout above $70,000 will only accelerate demand, lifting the coin to fresh highs.
In the one-hour chart, traders should watch how prices react at around $69,300 and $70,000 on the upper end.
Support lies at around $67,800.
Losses below this zone may offer better entries for buyers. A primary support and short-term bear target are at $65,600.
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