Bitcoin bulls are in no mood to let go of their advantage. They pierced the $70,000 mark on March 11, signaling continued demand from the traders. Bitwise chief investment officer Matt Hougan said in a memo to investors that professional investors were waiting to buy Bitcoin exchange-traded funds (ETFs).

However, that has not held back the demand for Bitcoin ETFs. According to data from Dune, the spot Bitcoin ETFs have accumulated 4.06% of the current Bitcoin supply. If buying continues at the same rate, Bitcoin holdings of the ETFs are projected to reach 8.65% of the Bitcoin supply on a yearly basis. MicroStrategy founder and chairman Michael Saylor said in a X post that the firm had purchased 12,000 Bitcoin at an average price of $68,477, using the proceeds from the recently completed $800 million convertible note offering.

Bitcoin struggled to break above $70,000 during the weekend but blasted above the level on March 11, indicating solid demand from the bulls. The rising moving averages and the RSI in the overbought zone show that the buyers are in control. The BTC/USDT pair could reach $76,000 and subsequently $80,000.

This zone is likely to offer strong resistance to the bulls. It is difficult to call a top in an asset when it is backed by strong momentum. The first sign of weakness will be a break and close below the 20-day EMA ($62,443). That will signal profit booking by the bulls and may start a deeper pullback. 

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

Enjoy the issue!