The crypto price rally slowed over the last few days, with BTC trading in a narrow range during the weekend, but it could result in a buying opportunity with the Bitcoin ETF demand rising.
In the last two days, Bitcoin traded with relatively lower volatility. Its range was static between $63,000 and $66,000. Although the crypto price rally has slowed, a big dip hasn’t emerged yet. This could suggest that long-term crypto holders are still bullish and haven’t started booking profits. The CEO of crypto market intelligence firm CryptoQuant also noted a possible rise in Bitcoin ETF demand.
He said, “Demand may rebound if the $BTC price approaches critical support levels. New whales, mainly ETF buyers, have a $56K on-chain cost basis. Corrections typically entail a max drawdown of around 30% in bull markets, with a max pain of $51K.”
The slowing outflows from the spot Bitcoin ETFs could trigger the next crypto price rally. Data suggests that by March 22, outflows had significantly decreased in the ETFs. As a result, a price rally in the upcoming week cannot be ruled out.
Other altcoins in the market also suffered minor losses recently, but have stayed broadly stable. SOL, BNB, and DOGE witnessed bullish outlooks as well. Meanwhile, ETH dipped below $3,500,and could attempt to reclaim it this week.
BTC/USD 1D price chart
Bitcoin is currently trading at around $64,200 on March 24, 2024, with BTC/USD lower by a margin of 0.1% in the last 24 hours. Bitcoin’s market cap was trading at around $ 1.26 trillion in the last 24 hours.
BTC/USD is trading lower than its 20-day EMA (65,556.17), as BTC’s 24-hour volume was at around $22 billion. The global crypto market cap decreased by around 0.50%, trading above $2.45 trillion. BTC’s year-to-date returns are at 51.50%.
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