Bitcoins price soared to a two-year high near $56,400 on Feb. 27, buoyed by the continued demand from the spot Bitcoin exchangetraded funds. CoinShares data shows that institutional investors pumped $570 million into Bitcoin investment products over the past seven days.

Bitcoin ETFs have seen inflows of more than $5 billion in net assets under management (AUM) since their launch, while gold ETFs have seen outflows of $3.6 billion during the same period, according to a Feb. 26 research report shared on X by senior Bloomberg analyst Eric Balchunas and associate analyst Andre Yapp. The analysts expect Bitcoin ETFs AUM to overtake that of gold ETFs in the next two years.

Bitcoin broke above the $56,000 overhead resistance on Feb. 27 after consolidating in a tight range for the past several days. This suggests that bulls remain in control. If buyers sustain the price above $55,000, the BTC/USDT pair is likely to pick up momentum and soar toward $60,000 where the bears are again expected to mount a strong defence. There are several layers of support on the downside.

If $50,500 breaks down, the bulls will try to arrest the decline at the 20-day EMA ($50,075) and then the breakout level of $48,970. The bears will have to tug the price below $48,970 to indicate the start of a deeper correction to the 50-day SMA ($45,734).

Lastly please check out the advancement’s happening in the cryptocurrency world.

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