Bitcoin Price Soars Above $70K After Healthy Retracement, What’s Next?

Bitcoin Price: In the past two weeks, the leading digital Bitcoin witnessed a notable correction with lots price falling from $73750 to $60000, registering a 17.5% loss. However, the combined support of the $60K psychological level and 32.8% FIB created a suitable support zone for buyers to recuperate bullish momentum. A fresh recovery from this support sets the BTC Price rally beyond $70000.

Also Read: 4 Cheap Under $1 Altcoins To DCA As Bitcoin Bleeds For 100X Potential

Demand Pressure at $60K Keeps Recovery Trend Intact

March has been a roller coaster ride for Bitcoin holders as the first half boosted the optimism with new highs but the second hints at a profound correction. The Bitcoin price currently trading at $65115 and found a demand zone at the confluence of $60000 and 38.2% Fibonacci retracement level.

While the newfound support bolsters buyers for renewed recovery, the increasing outflow in BTC ETFs is accelerating the supply pressure. On March 22, the Bitcoin spot ETFs saw a total net outflow of $51.6 million, with Grayscale’s GBTC experiencing a significant single-day net outflow of $169 million, according to Wu Blockchain’s analysis of SoSoValue data.

According to SoSoValue, Bitcoin spot ETFs saw total net outflows of $51.6m on March 22. Grayscale ETF GBTC saw a single-day net outflow of $169m. BlackRock ETF IBIT saw single-day net inflows of just $18.89m, marking two days of record lows. Fidelity ETF FBTC saw single-day net… pic.twitter.com/BMlhtRR99b

— Wu Blockchain (@WuBlockchain) March 23, 2024

If the supply pressure persists, the BTC price could break below $60000 and seek next support 50% retracement level at the $56250 mark. Until this level, a retracement phase is considered healthy and suitable to recuperate the exhausted bullish momentum. 

Thus, if the buyers manage to sustain above the aforementioned supports, the BTC price could rebound strongly in the coming weeks and aim to surpass the $73750 high.

Bitcoin Volatility Looms as Long-Inactive Tokens Hit the Market

Bitcoin has recently undergone a notable shift in its trading dynamics, as highlighted by trader @alicharts. There’s been an unprecedented activation of dormant Bitcoin tokens, marking the largest such movement in the past two years. This indicator is viewed as a signal of impending market movements, as long-dormant coins can impact the market’s supply-demand balance and potentially lead to a period of increased trading volatility.

#Bitcoin has just witnessed its biggest surge in dormant $BTC tokens changing hands in more than two years, signaling a potential increase in price volatility ahead. pic.twitter.com/8tLXOrVI8U

— Ali (@ali_charts) March 23, 2024

The uncertain price behavior usually attracts a bearish outlook and could lead to the Bitcoin price correction below $56250. Losing this support may hint at extended correction or sideways action for the coming month.

Technical Indicator 

• Exponential Moving Average: The BTC price above 100-and-200-day EMA reflects the long-term remains bullish.
• Vortex Indicator: A bearish crossover between VI+(blue) and VI-(pink) slope indicates the sellers are strengthening their grip over this asset.

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Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

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