Bitcoin Surges to $70,000 with Positive On-Chain Momentum

Bitcoin surged to a new milestone, surpassing the previous all-time high and breaching the $70,000 mark, a level higher than the peak observed in November 2021.

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However, a robust wave of profit-taking ensued, causing a retracement in Bitcoin’s price from its pinnacle. The rationale behind the sell-off during the bullish market remains unclear, but it predominantly emanated from long-standing miners deciding to capitalize on the upward momentum. Notably, data from IntoTheBlock indicates a robust support zone in the range of $65,053 to $67,008, providing a foundation for the cryptocurrency’s value.

Intriguingly, approximately 802,000 addresses strategically acquired 687,000 BTC at an average price of $65,960, reinforcing the optimistic narrative surrounding Bitcoin. The IOMAP data reveals a scarcity of substantial resistance levels, potentially paving the way for a renewed surge beyond the $70,000 threshold in the coming weekend.

Bitcoin IOMAP chart | IntoTheBlockBitcoin IOMAP chart | IntoTheBlock

The on-chain flows from exchanges portray an upward trend, underscoring the prevailing positive sentiment in the market. Following a minor correction to 18,670 BTC on February 18, the aggregate exchange outflow volume surged to 34,410 BTC. This surge indicates a preference among investors to hold BTC off exchanges when not contemplating short-term sales. Consequently, the increased outflows hint at a potential alleviation of selling pressure, contributing to a prospective upswing in Bitcoin prices and reinforcing the cryptocurrency’s bullish outlook.

Nearly two months have elapsed since the approval of the inaugural Bitcoin Spot ETF by the SEC in the United States. BlackRock’s IBIT-led ETFs have outperformed expectations, achieving milestones that took gold ETFs years to reach.

Bitcoin price chart | TradingviewBitcoin price chart | Tradingview

The cumulative inflow into these ETFs has reached an impressive $9.37 billion, signaling an unexpected surge in demand for BTC. The sentiment surrounding Bitcoin is gaining stability as a growing number of institutions and retail investors are opting for exposure through ETFs.

Related: SEC Delays Approval of Options Trading on Bitcoin ETFs

Renowned Bloomberg ETF analyst Eric Balchunas attributes this ETF growth to asset managers’ eagerness to invest, increasing retail interest, and what he terms as the “ETF effect.” This phenomenon occurs when individuals anticipate heightened inflows and strategically position themselves to capitalize on potential price upswings. According to Balchunas, IBIT is setting itself apart from the competition and exhibits the potential to become the most successful ETF in the Bitcoin market.

4.6/5

(32 votes)
  1. Avatar of Tariqmehmood
    Tariqmehmood

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    • Avatar of
      Anonymous

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  2. Avatar of Lawal
    Lawal

    Bbbb

  3. Avatar of Sekou Koulibaly
    Sekou Koulibaly

    C’est magnifique

  4. Avatar of Sulaiman Muhammad
    Sulaiman Muhammad

    Bitcoin surged to a new milestone, surpassing the previous all-time high and breaching the $70,000 mark, a level higher than the peak observed in November 2021.

  5. Avatar of Lawaliayuba
    Lawaliayuba

    The minin is very important

  6. Avatar of
    Anonymous

    Good

    • Avatar of
      Anonymous

      This platform the burst my brain

      • Avatar of
        Anonymous

        What coin are you shilling bro

  7. Avatar of MD:Fakrul Islam
    MD:Fakrul Islam

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  8. Avatar of Muhammad Nazeer
    Muhammad Nazeer

    Great and very incredible

  9. Avatar of Olamilekan
    Olamilekan

    Good job

  10. Avatar of IbrahimYakubu
    IbrahimYakubu

    Good day all

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    taiwo adeshina stephen

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