Investors have been staring at the charts for a few days now, trying to find the point where the decline will begin. For months, when BTC returned to every support point it had turned into resistance, it was opening the door to deeper bottoms with the rejection experienced there. We experienced this over and over again for at least 4-5 months. So won’t the same thing happen again?
Bitcoin Important Price Levels
Bitcoin LTH Real Realized Price is currently up to $66,750. On March 3, @anlcnc1 said that we could talk about the continuation of the rise in an environment where this level is maintained, and that’s what happened. BTC reached the 74 thousand dollar limit. While the cost price is gradually climbing up, maintaining the level as support is important for a stable rise.
What’s the situation with the miners? CryptoQuant CEO Ki Young Ju announced that according to the records of Bitcoin mining company MARA, the cost of mining Bitcoin is $70,027. BTC is at $71,679 at press time and miner costs remain intact despite weakness in US stock markets. This could mean miner sales will weaken.
Cryptocurrencies Are Not Falling
At least it’s not falling for now. Even though things are not going well in the US stock markets Bitcoin Over $71,500. Iran incident cryptocurrencies It was seen as a big risk for the world, but the war has begun and cryptocurrencies are rising. We can see this as a case of selling news that makes the bears unhappy, because this is usually the outcome in an environment where events that trigger big moves are happening in anticipation.
Instead of panic selling amid war news, Bitcoin ETFs have recorded net inflows of $1.1 billion in the last 3 days, and demand appears to be holding up for now.
“Of this, $892 million came from BlackRock. Additionally, over the last 7 days, BlackRock saw strong demand for Bitcoin in the $64,000-$68,000 range. In total, they generated net inflows of $1.5 billion.” – @anlcnc1
CryptoQuant analyst pseudonymous Maartunn says that buyers are returning strongly and aggressively as Net Taker Volume (7HMA) approaches $100 million per hour.
The analyst wrote that we saw a rally similar to the movements of November 7 and November 26, and thinks that the rise may last longer this time.
