from March 18 to March 22. A total of $888 million was withdrawn from the spot ETFs, marking a significant shift from the previous week's $2.57 billion inflow. This has led to speculation about the sustainability of Bitcoin's rally to $70,000 on March 25.Some market participants had argued that institutional inflows were a key driver behind Bitcoin's all-time high of $73,755 on March 14, casting doubt on the 9% gains seen between March 23 and March 25.
Some traders believe that the recent approval of a $1.2 trillion spending package by the United States on March 23 serves as a key positive catalyst for Bitcoin. This is particularly true in light of the U.S. Federal Reserve's forecast modelThe concurrent rise to all-time highs of scarce assets like gold, Bitcoin, real estate, and the stock market suggests a weakening U.S. dollar.
Concluding that Bitcoin's price will continue its upward trajectory due to monetary expansion might seem premature. However, bears arguing that the U.S. fiscal trajectory will lead to a recession—which could negatively affect risk-on assets—miss a crucial point: Bitcoin's price has already surged 64% year-to-date in 2024, leaving those waiting for a dip behind.
The indicators from Bitcoin derivatives markets suggest a strong price resilience despite the recent spot ETF outflows, supporting the likelihood that the $70,000 support level is gaining strength. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.Binance executive reportedly escapes detention as Nigeria files tax evasion charges
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