Cryptocurrency traders are accustomed to Bitcoin and other assets charting their own course, often independent of traditional stocks and industries.
However, recent highs in the S&P 500 and gold markets are generating a buzz within the crypto community, with many anticipating a positive divergence that could drive BTC and altcoins upward.
📊 #Crypto traders normally hope that #Bitcoin and other assets carve their own market performance path, without reliance on #aktier or other sectors. But for a change, the crowd has been suggesting that the strong #AllTimeHigh levels from the # SP500 , #gold are creating a… pic.twitter.com/BfzzN3W9k5
- Santiment (@santimentfeed) Marts 27, 2024
With the halving event just three weeks away and Bitcoin whales accumulating significant wealth, speculation is rife regarding the future direction of cryptocurrencies. This sentiment is further fueled by today’s hike in the perpetual contract funding rate on Binance, adding to the optimism in the market.
Analyst Ali Martinez points to a potential breakout in Bitcoin’s price action, noting a bullish pattern on the 4-hour chart. Should BTC maintain its position above $70,000, there’s potential for a surge of nearly 10%, pushing the price to a new all-time high of $77,000. As of now, Bitcoin is trading at $70,834.
#Bitcoin ser ud til at bryde ud af et bullflag på 4-timers diagrammet! Hvis $ BTC holder over $70,000, kunne vi se en stigning på næsten 10% til en ny rekord på $77,000! pic.twitter.com/MPVB70p9DU
— Ali (@ali_charts) Marts 28, 2024
Despite Bullish Momentum, Bitcoin ETFs Net Inflow Drops 44.4%
Meanwhile, on-chain data from Spotonchain sheds light on the activity in BTC exchange-traded funds (ETFs). The net inflow for March 27, 2024, amounted to +245M, marking a 41.4% drop compared to the previous trading day.
???? $ BTC #ETF Net Inflow Mar 27, 2024: +245M!
• The net inflow dropped by 41.4% compared to the previous trading day.
• iShares Bitcoin Trust $IBIT returned to the top of the leaderboard with a single-day net inflow of $324M.
• Grayscale Bitcoin Trust $ GBTC single-day net… https://t.co/HgO36FBGby pic.twitter.com/4CEQC9TgST
— Spot On Chain (@spotonchain) Marts 28, 2024
Notably, iShares Bitcoin Trust (IBIT) reclaimed its position at the top of the leaderboard with a single-day net inflow of $324M. However, Grayscale Bitcoin Trust (GBTC) continues to experience significant outflows, with an average single-day net outflow of $300M over the past 23 trading days.
These market dynamics suggest a period of potential growth and volatility for cryptocurrencies, as investors closely monitor developments in traditional markets and the evolving landscape of digital assets.
Offentliggørelse: Dette er ikke handels- eller investeringsrådgivning. Foretag altid din research, før du køber nogen kryptovaluta eller investerer i nogen tjenester.
Følg os på Twitter @nulltxnews for at holde dig opdateret med den seneste Crypto, NFT, AI, Cybersecurity, Distributed Computing og Metaverse nyheder!
Source: https://nulltx.com/market-dynamics-point-to-potential-cryptocurrency-surge-as-traders-get-set-for-another-bitcoin-pump/