In the last 24 hours, the crypto market’s signals did improve, but Bitcoin’s trading range stagnated between $69,000 and $71,000, although a price breakout is possible soon.
After Bitcoin rallied early this week, it has improved indicators for a broader price hike soon. Meanwhile, Bitcoin’s trading range has remained static at just below $71,000. On the other hand, BTC has created its new support at $69,000. Its movements have been range-bound over the last two days. The crypto volatility in the market has also comparatively decreased.
Bitcoin’s trading range is still bullish; if it holds its current support, one could expect uptrends. Another positive signal is the increasing inflows in the spot Bitcoin ETFs. After a slump, the inflows are recovering quickly. On March 26, the ETFs saw combined inflows of $418 million, which is a highly optimistic sign.
At the same time, a leading capital markets commentary paper predicted a sharp upward trend in BTC. It noted that BTC was going towards a big short squeeze.
It further took to social media and stated, “Currently, the gap between institutional longs and hedge fund shorts is at a record high. While hedge funds hold nearly 15,000 in net short contracts, institutions hold nearly 20,000 in net longs.”
A significant rally could also ensue in other altcoins if the prediction holds true. The crypto volatility could also spike, as a result.
BTC/USD 1D price chart
Bitcoin is currently trading at around $70,200 on March 27, 2024, with BTC/USD trading lower by a margin of 0.4% in the last 24 hours. Bitcoin’s market cap was trading at around $ 1.37 trillion in the last 24 hours.
BTC/USD is trading higher than its 20-day EMA (67,488.75), as BTC’s 24-hour volume was at around $34 billion. The global crypto market cap decreased by around 2.16%, trading above $2.64 trillion. BTC’s year-to-date returns are at 66.39%.
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