Bitcoin price prediction: The most prominent cryptocurrency ascended above $70,000 again earlier this week, accentuating a widespread bullish outlook. As Bitcoin price climbed higher from the $60,000 level – lows reached early last week, Ethereum and other major altcoins like Solana (SOL), BNB, and DOGE resumed their uptrends in tandem.
At some point the total market capitalization topped $2.8 million, however, due to some minor volatility on Wednesday, it had rolled back 1.6% to $2.77 trillion.
Bitcoin hovers at $70,069 during US business hours and boasts an 11% growth in value in seven days. With the trading volume falling by 24% to $33 billion, interest in the uptrend could be waning.
Bitcoin Price Prediction As Open Interest Soars To $35 Billion
The Bitcoin futures market is back on its previous uptrend following BTC’s sell-off from the all-time high slightly above $73,000 to $60,000. Investors temporarily lost faith in the uptrend, which was mirrored by the open interest plunging to $31.58 billion on March 20.
According to Coinglass data, the current open interest has reversed the trend reaching over $35 billion, implying that interest in the rally is gradually getting back on track.
Whales have also been on an uptake streak not only with ETFs but also with standard blockchain transactions. According to IntoTheBlock, transactions of at least $100,000 considered to be large have surpassed 26,000 contributing to the bullish force behind Bitcoin price.
After several days of dismal performance in the Bitcoin ETF sector, investors seem to have made their way back, pumping the total daily net inflow to $417.98 million as of March 26, according to SoSoValue data.
BlackRock’s IBIT and Fidelity’s FBTC are the best-performing ETF products with Ark Invest and 21Shares falling not so far behind.
If this commendable uptake of ETFs continues ahead of Bitcoin halving, momentum could continue to build for a breakout targeting $80,000.
Assessing Bitcoin’s Solid Technical Structure
Meanwhile, Bitcoin holds above all three key bull market indicators from the 20-day Exponential Moving Average (EMA), the 50-day EMA, and the 200-day EMA (the blue, red, and purple lines on the four-hour chart).
Traders would also want to see several four-hour closes above $69.996 — the previous day’s open to ascertain whether the uptrend is sustainable. However, a daily close below the same level could weigh down the bulls resulting in another sweep through lower support areas as highlighted by the 20-day EMA, the 50-day EMA, and the 200-day EMA on the four-hour chart.
The Moving Average in the same time frame signals an incoming sell signal. Hence, traders must be alert in case the blue MACD line crosses below the red signal line as the indicator slides toward the neutral area. If this happens, some may consider to short Bitcoin or waiting until it rebounds off a support area before longing for the coin again.
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