Bitcoin Hits New ATH, boosted by US Traded ETFs. New highs broke fractal halving pattern. Support levels rise as a possible technical target moves to the $73,500 area.
The rise of Bitcoin (BTC) continues, and yesterday it surpassed the recent high of March 5, thus reaching the new ATH (all-time high) reaching a peak at $70,184 on the BTCUSD pair. The previous high reached on March 5 was characterized by high volatility, with an intraday high-to-low movement of 14%, while yesterday everything developed within a contained range.
Recently, BTC returned to a price of $68,600 and in March it registered a growth of 12% after the exceptional February of +43.53%. This series of increases raises the annual base BTC performance by +62.40%.
New Bitcoin ATH and 99% Profit Supply
The new historical records of Bitcoin have meant that the circulating supply in profit is close to 100%. Glassnode metric Bitcoin: Percent Supply in Profit shows how a percentage of 99.909% of BTC in profit was reached on March 4th. This means that almost all coins had a purchase price lower than the market value at the time. Yesterday the percentage of March 4 was not exceeded.
Can ETFs Continue Boosting Bitcoin?
The growth is driven by the collection of BTC spot ETFs traded in the United States. ETF volume data shows a steady upward trend. Regarding ETF volumes, there is only reference to the operations of these products carried out by ten investment houses in America. On March 5, volumes reached a record 10 billion.
Today it is possible to start thinking about a new correlation given the ETF volumes and the volatility of Bitcoin prices.
Effects of ATH, ETF and Range
Looking at the daily chart, it can be seen how on March 5th, the BTC, despite having made the new ATH, closed negative by 6.68% at the price of 63,796 dollars. What also stands out is the large move of 14.30% from the high at $69,210 to a low at $59,313, for a change of $9,897. Bitcoin recorded a major intraday movement on May 19, 2021, with a range of $13,353.
The Bitcoin Scenario on the Monthly Chart
By viewing the historical trend of Bitcoin on the monthly chart, you can notice the cup that the price has formed, reaching the highs again. From the November 2022 low of $15,479 to the recent high, it rose 344% over a 16-month period.
The recent new historical highs have broken the halving fractal pattern, which to date has seen the start of the bull run following the event. However, this observation does not exclude the possibility that the price will continue to increase. As of today, according to Glassnode calculations, there are 43 days left until the next halving.
In their latest analysis of March 2, Criptovaluta.it has hypothesized that “…it is possible that you could go to sleep one night and wake up the next day with the price of Bitcoin at or above an all-time high.”
The strong situation of Bitcoin is making the estimates of some bullish targets, produced without conscience and published randomly in vain, if not in some cases ridiculous. On a technical level, it is possible to rely on Fibonacci extensions as we have in the past. A possible arrival area passes to 73,500 dollars. It takes nothing to break the level and if it continues to rise, all the better. At the moment there are no signs of reversal or slowdown.
By Audy Castaneda
