Bitcoin Price Hits Record High of $73.6K as ETF Demand Drives Crypto Market

Bitcoin (BTC) Continues to Thrive in Crypto Market as Bulls Outperform Bears

Amidst the opening of Wall Street on March 13, Bitcoin (BTC) once again reached price discovery, proving to be a strong contender in the latest crypto market. With sell-side liquidity being surpassed by bullish forces, the current state of the crypto market remains positive.

For those looking to stay on top of the latest developments in the crypto world, keeping up with the constantly changing landscape can be a challenge. However, with the recent success of Bitcoin (BTC) and other cryptocurrencies like Luna and Gala, it’s clear that the crypto market is showing no signs of slowing down.

So for those looking for a good investment opportunity, the current state of the crypto market is definitely worth considering. With ongoing advancements and a strong fight against traditional financial systems, it’s clear that the future of crypto is bright.

BTC price rebounds after brief dip, reaching new all-time high of $73,679

Data from Cointelegraph Markets Pro and TradingView shows that BTC continues to dominate the crypto market, with strong gains and a lack of liquidation levels indicating potential for further upside.

After consolidating around $72,000, BTC experienced a sudden $4,000 drop before quickly bouncing back and surpassing resistance at $73,800. This mirrors a similar trend seen earlier in the week, where resistance briefly halted price discovery.

However, with little resistance in sight, BTC is now on track to break through $80,000 and beyond. Popular trader Jelle noted on X (formerly Twitter) that BTC’s dip and subsequent rebound has set the stage for continued upside momentum.

As the crypto market continues to thrive, it’s important to stay informed and keep up with the latest developments. With strong performances from coins like LUNA and GALA, it’s clear that crypto is here to stay and offers plenty of opportunities for investors.

Don’t miss out on the latest crypto market news and updates – stay in the fight and stay ahead of the game.

New record daily inflows for Spot Bitcoin ETFs

Financial analyst Tedtalksmacro observed the surge of institutional investments in the crypto market.

These inflows have surpassed all previous records, even with the emergence of the new Spot Bitcoin ETFs in the United States.

“The inflow of funds is unprecedented. It makes 2020 look insignificant… the price will continue to rise in the coming months,” he shared with his followers on X.

The ETFs themselves received a total of $1 billion in net inflows on March 12, according to final data. The iShares Bitcoin Trust ($IBIT) from BlackRock was the most popular choice among investors.

“A new record of 14,706 BTC inflow on March 12, 2024,” BitMEX Research reported on X.

This amount alone is a significant portion of the total newly-mined supply in 2024, which is around 65,500 BTC.

As of March 13, the two largest ETFs from BlackRock and Fidelity Investments held over 330,000 BTC – five times more than what was added by miners.