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Home»Bitcoin»Bitcoin to $70K – How YOU Could Be the Key to Pushing BTC Over the Border
Bitcoin

Bitcoin to $70K – How YOU Could Be the Key to Pushing BTC Over the Border

2024-03-08No Comments2 Mins Read
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  • Bitcoin ETFs’ assets under management grow to $50 billion, indicating high interest.
  • Private investors are starting to indulge in profit taking

Bitcoins [BTC] The price has risen again after a slowdown in early March. The price increase can be partially attributed to the increasing interest of individuals in BTC.

Private investors are pouring in

An indicator of this was the fact that assets under management (AUM) for Bitcoin spot exchange-traded funds (ETFs) recently exceeded $50 billion.

This milestone reflects growing interest and investment in Bitcoin through the ETF market, highlighting the increasing mainstream adoption of the cryptocurrency.

The significant assets under management also underscore the significant capital inflows into Bitcoin spot ETFs, pointing to broader adoption of digital assets within traditional financial instruments.

Source:

Here for a good time, not for a long time?

Yet, private investors have also been observed to engage in profit-taking.

According to CryptoQuant analyst G aah, the SOPR STH, a measure used since April 2023, indicates that short-term holders (STH), often associated with retail investors, have not reached the mid-range highlighted in yellow on the chart. This signals the return of retail participants to the market, seizing profit opportunities as Bitcoin’s price rises.

It is crucial to note that short-term holders are typically considered retail because they enter the market for speculative purposes and anticipate price increases during a trend.

The SOPR STH specifically evaluates unspent transaction outputs (UTXOs) with on-chain lifetimes ranging from 1 hour to 155 days, analyzing gain/loss within the window between creation and spent output.

As the flow of realizations from this category of investors increases, the risk of a local top formation arises. This is because these traders provide liquidity, allowing larger players to execute their orders in the market.

See also  Bitcoin Faces Selling Pressure: Will These Demand Levels Prevent a Freefall?

Despite these observations, there is still a significant gap to reach the Extreme Greed range.

Historically, Bitcoin price has visited this range several times during previous bullish cycles, indicating that there may be further potential for upside despite continued profit-taking among retail investors.


Read Bitcoin’s [BTC] Price forecast 2024-2025


These factors could hinder BTC’s rally in the future.

At the time of writing, BTC was trading at $67,623.50 and the price was up 2.61% over the past 24 hours.

Source: Santiment

Next: Terraform Labs’ Do Kwon extradited to South Korea, details here

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70k Bitcoin Border BTC Key Pushing
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