Bitcoin (BTC) once again reached a new all-time high just before the Wall Street open on March 13, as bulls overpowered sellers. The price of BTC surged after a brief drop to $69,000, reaching a high of $73,679 on Bitstamp, according to data from Cointelegraph Markets Pro and TradingView.
The previous day, BTC had consolidated around the $72,000 mark and experienced a sudden $4,000 dip before quickly rebounding. This pattern repeated from the start of the week, where resistance at $73,800 temporarily halted upward movement.
However, there were no significant barriers preventing BTC from reaching $80,000, as there were no notable liquidation levels, as shown by the lack of friction in the liquidation heatmap from CoinGlass.
A popular trader named Jelle summarized the situation, stating that BTC had wiped out overleveraged long positions, retested the 2021 cycle high, and then bounced back to $72,000. He added that the outlook was now favorable for further upside continuation.
Financial commentator Tedtalksmacro highlighted the increasing influx of institutional money, surpassing previous levels, including the inflows from the new spot Bitcoin exchange-traded funds (ETFs) in the United States. He stated that the fund inflows were unprecedented and predicted that the price would continue to rise in the coming months.
Data confirms that the ETFs received a record $1 billion in net inflows on March 12, with BlackRock’s iShares Bitcoin Trust leading the way. BitMEX Research noted that there was a record inflow of 14,706 BTC on that day alone, representing a significant portion of the newly-mined supply in 2024.
As of March 13, the two largest ETFs from BlackRock and Fidelity Investments held over 330,000 BTC, which was five times the amount added by miners.
It is important to note that this article does not provide investment advice or recommendations. Readers should conduct their own research and consider the risks involved before making any investment or trading decisions.