As the bitcoin market continues to exhibit signs of consolidation following a dynamic start to the year, industry observers are closely monitoring key indicators to gauge the cryptocurrency’s future trajectory.
Despite hovering near its all-time highs, bitcoin has struggled to maintain crucial support levels in recent trading sessions.
Renowned analyst Ali Martinez recently highlighted a potential head-and-shoulders formation on bitcoin’s 30-minute chart. Martinez suggests that if bitcoin manages to sustain its position above the 200EMA and surpasses the neckline resistance at $71,580, it could signal a bullish trend reversal.
In such a scenario, investors could anticipate a potential price increase of 4.44%, with a target price surpassing the current all-time high at $74,760.
#Bitcoin shows a head-and-shoulders formation on the 30-minute chart. Should $BTC maintain its position above the 200EMA and surpass the neckline resistance at $71,580, we could anticipate a potential increase of 4.44%, targeting a price of $74,760. pic.twitter.com/6oTGhyDSzn
— Ali (@ali_charts) March 29, 2024
Funds Activity In Bitcoin ETFs Shows Some Massive Highs Of Inflows
Meanwhile, data from Spotonchain reveals insights into bitcoin exchange-traded fund (ETF) activity. According to recent reports, the net inflow for bitcoin ETFs on March 28, 2024, totaled +179M.
While this figure represents a decrease of 26.9% compared to the previous trading day, the cumulative total net inflow after 54 trading days has returned to $12.13B, signaling a recovery from the previous week’s negative trading trends.
🚨 $BTC #ETF Net Inflow Mar 28, 2024: +179M!
• The net inflow dropped by 26.9% compared to the previous trading day.
• The cumulative total net inflow after 54 trading days is back to $12.13B, the level before the last all-negative trading week.
• Both iShares Bitcoin Trust… https://t.co/qFeMruUizX pic.twitter.com/fYmo8q80up
— Spot On Chain (@spotonchain) March 29, 2024
Furthermore, both iShares Bitcoin Trust ($IBIT) and Grayscale Bitcoin Trust ($GBTC) have experienced a notable slowdown in their respective single-day inflow and outflow activities for the March 28 trading day. These developments suggest a potential shift in sentiment among institutional investors, as they navigate the evolving landscape of the bitcoin market.
As market participants continue to analyze these key indicators, the bitcoin market remains poised for further developments that could shape its future trajectory. With uncertainty lingering amidst slowing price movement, investors are advised to exercise caution and closely monitor market dynamics to make informed decisions in the ever-evolving cryptocurrency landscape.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!
Image Source: fellowneko/123RF // Image Effects by Colorcinch
