Key Points
- Bitcoin (BTC) achieved a 10-day high, closing above $69,000 on March 25.
- U.S. spot Bitcoin exchange-traded funds (ETFs) saw a return to net inflows.
Bitcoin, the leading cryptocurrency, ended the day at a 10-day high on March 25, breaking through $69,000.
This surge in Bitcoin price was observed during the initial trading session on Wall Street, which marked a shift in the cryptocurrency’s price strength.
Bitcoin’s Strength Continues
The strength of Bitcoin’s price continued to surge, exceeding $71,000 after the market closed.
Financial commentator Tedtalksmacro pointed out that U.S. spot Bitcoin ETFs had experienced a return to net inflows.
The prior week saw these ETFs experiencing “red” flow days, with weak uptake and record outflows from the Grayscale Bitcoin Trust (GBTC).
Despite significant outflows from GBTC, Bitcoin managed to overcome any obstacles to its upward trajectory.
This led to trader and analyst Matthew Hyland predicting the reopening of the path towards a six-figure Bitcoin price.
Analysts’ Take on Bitcoin’s Future
Hyland had previously noted a reset on a classic Bitcoin price metric to levels last seen when Bitcoin was traded at $40,000 in late January.
The Daily Relative Strength Index (RSI) values, which dipped below the key 50 level on March 20, were seen as a “good signal” for the rebound.
On the other hand, analyst Mark Cullen noted the presence of “gaps” in CME Group Bitcoin futures markets.
These often act as near-term Bitcoin price targets, and one left at the weekend below $64,000 remains unfilled.
However, trader Daan Crypto Trades expressed less concern about a potential drop in Bitcoin’s price, noting that there’s little need for worry as long as the price remains significantly distant from the gap.
He pointed out that during significant breakouts, gaps like these are often left behind.
