Bitcoin Price Hits $73K All-Time High as Spot Bitcoin ETF’s Record $1.05 Billion Inflow
In Brief
Bitcoin price surged to a new all-time high at $73,283 as net inflow into spot Bitcoin ETFs reached $1.05 billion on March 12.
Bitcoin price surged to a new all-time high, surpassing the $73K mark (reaching $73,283) as the cryptocurrency continued its upward trajectory. This marks the fourth consecutive cycle in which Bitcoin has achieved a new peak, with its value currently hovering above $72,000.
The rally in Bitcoin’s price is attributing to a shift in market sentiment towards euphoria, fueled by a significant wealth transfer from long-term holders to newer investors. The crypto broke above its previous cycle all-time high of $68,999.99, marking a new significant milestone in its price history.
Currently, various metrics indicate a pattern reminiscent of past all-time high breaks, with capital flowing from long-term holders to new investors and speculators. Investors who acquired Bitcoin at lower prices are reportedly accelerating their profit-taking as the cryptocurrency reaches new highs, resulting in a transfer of wealth to newer market participants.
Moreover, net inflow into spot Bitcoin ETFs reached $1.05 billion on March 12. The massive inflow came on the back of the second-highest volume day for the 10 Bitcoin ETFs. It was the best day in the past five weeks, with $8.5 billion.
Despite rising inflation of at 3.2% as reported by the US Bureau of Labor Statistics, Bitcoin’s bullish momentum remains strong, fueled by institutional demand and positive market news.
Trading comfortably above the $72K level, Bitcoin could target the psychological resistance at $80,000, supported by robust buying pressure. Technical indicators suggest growing buyer momentum and increasing bullish sentiment in the market.
However, investors should remain cautious, as Bitcoin is currently overbought, with the Relative Strength Index (RSI) positioned at 86. A correction could be imminent, with a potential pullback to the $60,000 level if key support levels are breached.
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Victor is a Managing Tech Editor/Writer at Metaverse Post and covers artificial intelligence, crypto, data science, metaverse and cybersecurity within the enterprise realm. He boasts half a decade of media and AI experience working at well-known media outlets such as VentureBeat, DatatechVibe and Analytics India Magazine. Being a Media Mentor at prestigious universities including the Oxford and USC and with a Master's degree in data science and analytics, Victor is deeply committed to staying abreast of emerging trends. He offers readers the latest and most insightful narratives from the Tech and Web3 landscape.
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Victor is a Managing Tech Editor/Writer at Metaverse Post and covers artificial intelligence, crypto, data science, metaverse and cybersecurity within the enterprise realm. He boasts half a decade of media and AI experience working at well-known media outlets such as VentureBeat, DatatechVibe and Analytics India Magazine. Being a Media Mentor at prestigious universities including the Oxford and USC and with a Master's degree in data science and analytics, Victor is deeply committed to staying abreast of emerging trends. He offers readers the latest and most insightful narratives from the Tech and Web3 landscape.
