Recent market movements have sparked bullish sentiment among traders as Bitcoin surged back above the $67.6K mark, inching closer to its previous all-time high of $69.2K by a margin of 2.4%.
While uncertainties loom, the possibility of a new all-time high remains plausible, especially with potential inflows from whales and ETFs.
🧐 Trader sentiment is leaning #bullish after #Bitcoin rebounded back above $67.6K (within 2.4% of yesterday's $69.2K #AllTimeHigh). Though a further #ATH can happen with whale & #ETF inflow help, a bit more crowd disbelief is typically the best recipe. https://t.co/G5uaUnTARS pic.twitter.com/FXBSuaT5fC
— Santiment (@santimentfeed) March 6, 2024
The rollercoaster of emotions experienced by traders on March 4, as Bitcoin flirted with its all-time high, transitioned into a vocal mix of buying and selling sentiments following the subsequent drop from the peak on March 5. However, a sense of optimism emerged as Bitcoin swiftly displayed signs of rebounding from its recent dip.
According to insights shared by Ali Martinez, a key support level for Bitcoin is identified at $66,112, characterized by a significant volume of over 306,676 BTC transactions.
The market’s attention now shifts to the $60,600 threshold should Bitcoin breach the aforementioned support level, marking it as the next crucial zone of interest.
The key support level for #Bitcoin stands at $66,112, marked by a substantial volume of over 306,676 $BTC transactions. Should #BTC break below this pivotal threshold, eyes will turn to $60,600 as the next crucial support zone. pic.twitter.com/etuBRlvIOR
— Ali (@ali_charts) March 7, 2024
Bitcoin ETFs Growing Attention And Inflows To Monitor
Michael Saylor, the visionary founder of MicroStrategy, highlighted the growing prominence of new spot Bitcoin ETFs introduced by industry giants like Fidelity and BlackRock.
Saylor anticipates that these Bitcoin-related investment vehicles will soon rival traditional commodities ETFs, particularly gold ETFs, signaling a notable shift in investor preferences towards digital assets.
MicroStrategy founder Michael Saylor said new spot Bitcoin ETFs launched by the likes of BlackRock and Fidelity have exceeded expectations and are beginning to compete with S&P 500 ETFs. Saylor believes that while the gold ETF remains the largest commodity ETF in the United…
— Wu Blockchain (@WuBlockchain) March 7, 2024
Data provided by SoSoValue underscores the momentum behind Bitcoin spot ETFs, revealing a substantial net inflow of $332 million as of March 6. Conversely, the Grayscale ETF (GBTC) experienced a net outflow of $276 million on the same day.
According to SoSoValue data, on March 6, the total net inflows for Bitcoin spot ETFs amounted to $332 million. Grayscale ETF GBTC experienced a net outflow of $276 million on the same day. The Bitcoin spot ETF with the highest net inflow was BlackRock's ETF IBIT, which saw a net… pic.twitter.com/BNM8PQ158K
— Wu Blockchain (@WuBlockchain) March 7, 2024
Of particular note, BlackRock’s ETF IBIT emerged as the Bitcoin spot ETF with the highest net inflow, boasting a total historical net inflow of $9.45 billion.
As Bitcoin continues to navigate through market fluctuations, trader sentiment remains cautiously optimistic, fueled by the potential for further price advancements and the evolving landscape of digital asset investment opportunities.
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.