Ethereum

Bitcoin

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/exploring-the-surging-appetite-for-bitcoin-etfs-as-they-outpace-new-supply" rel="noopener noreferrer nofollow">Exploring the Surging Appetite for Bitcoin ETFs as They Outpace New Supply</a><br></p>
<p style="text-align: justify">The insatiable demand for <a href="https://en.bitcoinhaber.net/bitcoin-options-point-to-bullish-sentiment-in-2024-spring" rel="noopener noreferrer nofollow">Bitcoin</a> exchange-traded funds (ETFs) is far outstripping the anticipated new Bitcoin supply for 2024. The market is witnessing a substantial accumulation of Bitcoin by the two dominant ETFs, exceeding 330,000 Bitcoins, dwarfing the forecasted annual mine output of roughly 65,500 Bitcoins. Analysts at Bernstein project the value of Bitcoin to potentially surge to $150,000 by mid-2025, suggesting a bullish outlook, impelled by robust demand that may counteract any immediate depreciative trends.</p>
<h2 id="bitcoin-s-trading-prospects">Bitcoin’s Trading Prospects</h2>
<p style="text-align: justify">The resilience of Bitcoin against a pullback from the $73,000 mark is evident from the March 12 candlestick, showcasing strong buying on price dips. Despite bearish resistance thwarting breakouts above the ascending channel, a successful bullish push through the channel’s resistance could propel the BTC/<a href="https://en.bitcoinhaber.net/tether-takes-an-active-role-in-combating-criminal-activities" rel="noopener noreferrer nofollow">USDT</a> pair towards the $80,000 threshold.</p>
<p style="text-align: justify">Conversely, a breakdown below $70,000 might trigger a decline to the channel support, with a potential sell-off extending down to $59,000 and possibly reaching the 50-day simple moving average at $53,099, should bears dominate the market trend.</p>
<h2 id="ethereum-maintains-bullish-sentiment">Ethereum Maintains Bullish Sentiment</h2>
<p style="text-align: justify">Ethereum briefly dipped below $4,000 but quickly rebounded, indicating that buyers are eager to capitalize on price drops. A breakout above $4,100 could set the stage for further elevation, with the ETH/USDT pair aiming for successive targets at $4,372 and $4,868. However, the pair’s rally faces potential cooling or consolidation, with the RSI indicator hinting at an overextended uptrend.</p>
<h2 id="bnb-charts-a-steady-climb">BNB Charts a Steady Climb</h2>
<p style="text-align: justify"><a href="https://en.bitcoinhaber.net/binances-struggles-czs-legal-woes-and-bnbs-market-resilience" rel="noopener noreferrer nofollow">BNB</a>‘s ascent past $460 suggests a continuing rally fueled by persistent demand. The BNB/USDT pair could advance towards $670 if buying pressure remains unchecked. However, traders should be wary of a potential trend reversal if the price drops below $500, potentially leading to a sell-off towards the $460 mark.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/exploring-the-surging-appetite-for-bitcoin-etfs-as-they-outpace-new-supply" rel="noopener noreferrer nofollow">Exploring the Surging Appetite for Bitcoin ETFs as They Outpace New Supply</a></h5>

Exploring the Surging Appetite for Bitcoin ETFs as They Outpace New Supply

Table of Contents

BH NEWS

Other articles published on Mar 13, 2024

Memeinator Raise Passes $6.5M as Presale Nears Final Stage

Bitcoin Soars Amidst Falling Stocks and Surging Inflation Rates

This Meme Coin Has Surged 300% in March: Will the Rally Continue?

Bitcoin Hits New Heights as Ethereum and Altcoins Navigate Market Dynamics

Will EOS Crypto Price Keep On Rising To The $1.50 Mark?

5 Undervalued Cryptocurrencies Ready for 500% Growth

Join our free newsletter for daily crypto updates!