Bitcoin made a strong rebound in the last week of March, reclaiming the $70,000 level. Market sentiment was bullish, with major cryptocurrencies posting gains, and Coinbase reported its lowest BTC supply in nine years
Bitcoin made a strong rebound in the last week of March, reclaiming the $70,000 level. Market sentiment was bullish, with major cryptocurrencies posting gains, and Coinbase reported its lowest BTC supply in nine years.
Bitcoin Bounces Back
- Bitcoin hit $71,239.31 on March 28, marking an 8% gain in 24 hours.
- Ethereum rose 7.4% to $3,634.80.
- Solana (SOL) and Avalanche (AVAX) were the top gainers among the top 10 coins by market cap, rising 9% and 8.87%, respectively.
Crypto Stocks Surge
- Bitcoin's rally boosted crypto-related stocks.
- MicroStrategy jumped 21%, while Coinbase gained 9%.
- Crypto mining companies like Riot Platforms, CleanSpark, and Cipher Mining also saw significant price increases.
Coinbase BTC Supply Drops to 9-Year Low
- According to Glassnode, Coinbase's Bitcoin reserves reached a nine-year low of 344,856 BTC on March 18.
- This suggests that investors have resumed accumulating BTC outside of exchanges.
Exchange Bitcoin Supply Hits 3-Year Low
- Data from CryptoQuant shows that the total Bitcoin reserves on all exchanges dropped to 1.92 million on March 25, the lowest level in three years.
Market Shrugs Off Spot Bitcoin ETF Outflows
- The market appeared unfazed by the outflows from spot Bitcoin ETFs last week.
- Grayscale Grayscale Bitcoin Trust (GBTC) continued to see redemptions, while inflows into products from BlackRock and Fidelity slowed.
Bitcoin Price Target of $83,000 or Higher
- 10x Research predicts Bitcoin will hit a new all-time high after breaking out of a consolidation pattern.
- The report suggests that the breakout, based on a symmetrical triangle formation (a chart pattern in technical analysis), could propel BTC towards $83,000.
Institutional Interest Key for Upside
- Analysts say that the key to a recovery in Bitcoin ETF flows lies not only in price stability but also in further signs of institutional interest.
Bitcoin rebounded above $70,000, with exchange BTC supply at historical lows, indicating bullish market sentiment. The market shrugged off spot Bitcoin ETF outflows as signs of institutional interest continue to emerge. Bitcoin's price target could reach $83,000 or higher, but sustained institutional inflows will be critical for the price to climb higher.
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