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The price of Bitcoin (BTC) entered into a defined consolidation phase this weekend as it market bulls fought off bear action that dragged the premier cryptocurrency from its All-Time High (ATH) of $70,083.05 to a low of $61,442 over the past week.
Bitcoin Price and ETF Momentum
The price of Bitcoin (BTC) has been recorded from the knee-jerk reaction that trailed the sell-off it printed following the breach of the $70,000 ATH. Currently priced at $69,548.88 at the time of writing, Bitcoin has managed to register a 1.64% growth in the past 24 hours as it is now attempting to breach the $70,000 mark again.
Amid the consolidation moves, the number catalyst driving Bitcoin’s growth – spot BTC ETF – remains a force to reckon with in the coming week. Per data from crypto Capital Compounder HODL15Capital, the Bitcoin Order Book is currently very thin. Placing Coinbase in the spotlight, the data insight revealed that there are less than 150 BTC to purchase per the $70,000 Bitcoin valuation.
???? The Bitcoin order book is very thin. There is no sell wall to speak of (less than 150 BTC for sale on Coinbase to $70,000), considering that the ETFs will need to buy 5-10,000 BTC tomorrow ???? pic.twitter.com/oworZACuwf
— HODL15Capital ???????? (@HODL15Capital) March 10, 2024
This compares with the 5-10,000 BTC that the spot Bitcoin ETF issuers are on track to add to their portfolio as the week opens. The supply squeeze created by the spot Bitcoin ETF issuers, especially BlackRock, Fidelity Investments, Ark Invest, and Bitwise has created a never-before-seen scarcity that is driving the price of Bitcoin (BTC) to unprecedented heights.
Bolstering Current Price Discovery
With Bitcoin effectively looking to form long-term support at the $70,000 level, experts have projected that it is in a price discovery mode with the potential top hard to determine in the short term.
Over the past week, as much as 33,000 BTC was acquired by all the issuers when Grayscale Investments’ outflow is factored in. Should the proportion be maintained in the coming week, it can drive another bullish sentiment that will not only help Bitcoin price regain its ATH but to set another that might soar up to $80,000.
The liquidity crunch is bound to become more intense when the Bitcoin halving event, slated to be held in 37 days, is ushered in.
Through this event, the quantity of Bitcoin that will be issued to miners daily will be slashed by 50% from 6.25 BTC per block to 3.125 BTC. This implies that the average of 900 BTC being produced daily will now reduce to 450 BTC and should the Spot Bitcoin ETF demand remain the same or higher, it might help usher in the $300,000 target set by “Rich Dad Poor Dad” Author Robert Kiyosaki for this year.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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