One analyst at X thinks In the next few months, Bitcoin bulls might be in for an exciting treat after a key technical indicator has printed a purchase signal for nearly a decade. Analyst pointed to the Golden Moment Indicator’s bullish crossover of the chart for 2 months. He said this is the first time the indicator has flashed in green since almost 9 years.
The Supertrend indicator is bullish, and has been historically before every Bitcoin trend.
Bitcoin On A Bullish Path?
The asset is still consolidated, even if the analyst has a bullish outlook on the coin. According to technical analysis, you can see that the coin has been losing its uptrend. Bitcoin has failed to continue the upward trend that began late last week.
Bitcoin’s daily chart shows that it is currently trading higher than the moving average of 20 days. Prices have moved horizontally under $72,000, but the price has been rising. However, traders remain optimistic.
The coin’s ability to reach new highs over $74,000 depends on a number of factors.
Inflows Into Spot BTC ETFs Pick Up Momentum
The flow of spot Bitcoin ETFs and its price is a key factor in determining the sentiment and prices. Nine out of ten Bitcoin spot ETFs, which have been in existence since their launch, now hold over 500,000 BTC or 2.5% of total supply.
Grayscale’s BTC is included in all Bitcoin ETFs that are issued in spot. United States Control 830,000 BTC. This figure represents 4% total.
Of note, after last week’s slowdown, inflows continued throughout this week, pushing their holdings even higher—a net positive for the price and, most importantly, investor confidence. By March 28, Lookonchain data shows The 21Shares group led the way, adding 2,924 BTC.
![Spot Bitcoin ETF issuers accumulating | Source: Lookonchain via X](https://fxruhanahmed.com/2/wp-content/uploads/2024/03/Bitcoin-Ready-To-Rip-Indicator-Prints-Bullish-Signal-After-9.png)
Even though Bitcoin’s prices have been lagging, the increase in the demand for these derivative products shows that institutional and retail investors are becoming more interested in the currency.
The price reaction in April will be important. The network is reducing the miner reward from 6,25 BTC down to 3,125 BTC in less than 4 weeks. This will make the coins scarce. BTC’s price will increase if demand stays the same.
Chart by TradingView with DALLE as the featured image
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