Key Points
- Bitcoin (BTC) reached a new all-time high on March 14, as anticipation for further price increases continues to grow.
- MicroStrategy, the public company with the largest Bitcoin treasury, plans to acquire more than 1% of the total BTC supply.
Bitcoin (BTC) hit a new record high on March 14, heightening expectations of further price increases. The BTC/USD 1-hour chart recorded a new peak of $73,794 on Bitstamp.
After a strong overnight recovery, Bitcoin wiped out any signs of the weakness seen before the previous Wall Street opening.
Bitcoin’s Resilience
Earlier this week, Bitcoin dipped again but successfully retested old All Time Highs as support, according to a popular trader and analyst.
The day’s excitement revolved around familiar supply trends, particularly the buy-side impact of the United States’ spot Bitcoin exchange-traded funds (ETFs). On March 13, these ETFs saw net inflows of $683.7 billion, according to data gathered by UK-based investment firm Farside.
Bitcoin ETFs and MicroStrategy’s Plans
This significantly exceeded the day’s outflows from the Grayscale Bitcoin Trust (GBTC), firmly swinging supply squeeze momentum in favor of the bulls.
Willy Woo, a statistician and creator of a Bitcoin data resource, described the institutional products as “just getting started.” This sentiment was echoed by Cathie Wood, CEO of one ETF provider, ARK Invest.
MicroStrategy, the tech firm with the largest Bitcoin treasury among public companies, announced plans to accumulate more than 1% of the total BTC supply. Currently holding 205,000 BTC, MicroStrategy intends to spend $500 million on additional Bitcoin, pushing its total above the 210,000 BTC threshold.
Charles Edwards, founder of quantitative Bitcoin and digital asset fund Capriole Investments, predicted an imminent significant move for BTC/USD. He stated that “Bitcoin’s getting ready for a big move,” and that “a billion a day keeps the dip away,” referring to recent ETF inflows.
Despite some doubts about whether BTC price action could maintain its current momentum, bullish calls remained strong. Edwards declared the “deep value” era for Bitcoin dip-buying as over, marking the beginning of an exciting new chapter.
