Bitcoin is nearing its all-time high of $69,000 made in November 2021. While several traders anticipated a new high later in the year, it has come earlier than expected. Traders are enthused with the launch and the solid demand for the spot exchangetraded funds.

BlackRock’s Bitcoin ETF is the fastest to reach $10 billion in assets under management (AUM) at about 39 days, according to a X (formerly Twitter) post by the Zero Hedge finance blog. In comparison, the United States’ first gold ETF — SPDR Gold Shares (GLD) — needed more than two years for its AUM to touch $10 billion. According to CoinShares’ Digital Asset Fund Flows Weekly Report, institutional investors have continued to pump money into digital asset investment products, which saw their second-largest weekly inflows of $1.84 billion last week.

The recent inflows have sent the total AUM to $82.6 billion, just short of the peak AUM of $86 billion set in early November 2021

We said in the previous analysis that Bitcoin could reach $60,000, but the price easily surpassed that level. This indicates aggressive buying by the bulls at every higher level. The momentum picked up after the price bounced off the 20-day simple moving average (SMA) on Feb. 26. Sellers tried to halt the rally near $64,000 on Feb. 28, but the bulls had other plans. After a minor consolidation, the buyers resumed the uptrend on March 4. The sharp rally of the past few days has sent the relative strength index (RSI) into the deeply overbought territory.

It is difficult to call a top when the market is in a frenzy. If bulls push and maintain the price above $69,000, the BTC/USD pair could rise to $76,000 and later to $80,000. However, traders should exercise caution because vertical rallies are not sustainable and are followed by sharp declines. The first support on the downside is at $60,000, and then the 20-day SMA at $56,000. A break and close below the 20-day SMA will signal a potential trend change in the short term.

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

Enjoy the issue!