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Bitcoin price has made tremendous progress since the sell-off last week. From testing support around $60,740, <a href="https://coingape.com/bitcoin-btc-mining-difficulty-hits-ath-as-halving-sentiment-reboots/" target="_blank" rel="noopener noreferrer nofollow">BTC</a> is up by 10% to $67,120 during US business hours on Monday.
The rest of the crypto market shows mixed signals with some altcoins such as Internet Computer (ICP) and Near Protocol (NEAR) rallying in double-digits while others like <a href="https://coingape.com/shiba-inu-shibarium-tvl-hits-3-38-mln-sparking-optimism-amid-shib-price-rally/" target="_blank" rel="noopener noreferrer nofollow">Shiba Inu</a> (SHIB), and Stacks (STK) are languishing in the sea of red.
Generally, the market is bullish, considering a 2.6% increase in the total cap to $2.67 trillion. Bitcoin is still the most dominant digital asset, accounting for 49.3% of the entire capitalization.
<h2 class="p1" id="bitcoin-digital-asset-fund-outflows-reach-record-904m-report">Bitcoin Digital Asset Fund Outflows Reach Record $904M – Report</h2>
The digital asset fund flows report prepared by&nbsp;<a rel="noopener noreferrer nofollow" href="http://www.apple.com/uk">CoinShares</a>&nbsp;reveals a significant increase in the volume of assets leaving the market due to investor withdrawals. As shown in the chart below, investment products suffered record weekly outflows summing to $942 million.
This peculiar development marked “the first outflow following a record 7-week run of inflows totaling US$12.3bn,” with Bitcoin accounting for $904 million, Ethereum $34.2 million, Solana $5.6 million, and Cardano $3.7 million. Assets categorized as “multi-asset” contributed $5.6 million to the outflows.
Very few assets were in the green, for instance, Polkadot posted $5 million in inflows, Litecoin $2 million, and those falling under the “other” category recorded $8 million.
<figure id="attachment_187837" aria-describedby="caption-attachment-187837" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-187837" src="https://coingape.com/wp-content/uploads/2024/03/Screenshot-2024-03-25-at-16.00.29.png" alt="Bitcoin Digital Asset Fund Outflows | CoinShares" width="1366" height="1012" srcset="https://coingape.com/wp-content/uploads/2024/03/Screenshot-2024-03-25-at-16.00.29.png 1366w, https://coingape.com/wp-content/uploads/2024/03/Screenshot-2024-03-25-at-16.00.29-300x222.png 300w, https://coingape.com/wp-content/uploads/2024/03/Screenshot-2024-03-25-at-16.00.29-1224x907.png 1224w, https://coingape.com/wp-content/uploads/2024/03/Screenshot-2024-03-25-at-16.00.29-768x569.png 768w, https://coingape.com/wp-content/uploads/2024/03/Screenshot-2024-03-25-at-16.00.29-80x60.png 80w, https://coingape.com/wp-content/uploads/2024/03/Screenshot-2024-03-25-at-16.00.29-150x111.png 150w" sizes="(max-width: 1366px) 100vw, 1366px">
 <figcaption id="caption-attachment-187837" class="wp-caption-text">
 Bitcoin Digital Asset Fund Outflows | CoinShares
 </figcaption>
</figure>
CoinShares researchers pointed out that “the recent price correction led to hesitancy from investors, leading to much lower inflows into new ETF issuers in the US, which saw US$1.1bn inflows, partially offsetting incumbent Grayscale’s significant US$2bn outflows last week.”
Key fundamental indicators from other companies like Santiment add gloom to the picture, especially with a surge in dormant Bitcoin moving for the first time in more than two years, and signaling a possible surge in price volatility over the coming days.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> has just witnessed its biggest surge in dormant <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> tokens changing hands in more than two years, signaling a potential increase in price volatility ahead. <a href="https://t.co/8tLXOrVI8U" rel="noopener noreferrer nofollow">pic.twitter.com/8tLXOrVI8U</a>
 — Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1771527699741180274?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">March 23, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
At the same time, the amount of net profit realization has recently neared historical records, suggesting that investors are taking profits at a high rate. Increased profit-taking means soaring selling pressure and therefore price volatility.
Blockchain data graphically presented by Crypto Quant drives the profit-taking narrative home with the use of the “long-term holder SOPR (EMA 144” which saw multiple oscillations from early March. This shows that “investors took some profits on the way as the price reached new highs,” hence the heightened volatility.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Long-Term Investor Behaviour
 “The <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> long-term holder SOPR (EMA 144) had more spikes since the beginning of March, which means that investors took some profits on the way as the price reached new highs.” – By <a href="https://twitter.com/Simona_APC?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@Simona_APC</a>
 Link <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f447.png" alt="👇" class="wp-smiley" style="height: 1em; max-height: 1em;"><a href="https://t.co/kAkBXQ2Uvo" rel="noopener noreferrer nofollow">https://t.co/kAkBXQ2Uvo</a>
 — CryptoQuant.com (@cryptoquant_com) <a href="https://twitter.com/cryptoquant_com/status/1772222495405531304?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">March 25, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
<h2 class="p1" id="bitcoin-price-analysis-is-80-000-milestone-achievable">Bitcoin Price Analysis: Is $80,000 Milestone Achievable?</h2>
Bitcoin is gradually approaching its four-year halving cycle in April even as it encounters a volatility spike. If the rally bolstered by the performance of&nbsp;<a href="https://coingape.com/kraken-uk-chief-endorses-bitcoin-etfs-for-british-investors/" rel="noopener noreferrer nofollow">Bitcoin ETFs</a>&nbsp;is considered, the next massive rally could take place after the halving.
Based on the Bollinger Bands on the four-hour chart, another price drop is possible, albeit a minor one as <a href="https://coingape.com/top-wall-street-companies-buying-bitcoin-btc-is-a-supply-shock-ahead/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a> collects more liquidity in the range between $64,000 and $65,000.
If panic spreads among investors, losses may intensify and allow Bitcoin to seek support further down at $60,000.
<figure id="attachment_187836" aria-describedby="caption-attachment-187836" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-187836" src="https://coingape.com/wp-content/uploads/2024/03/BTCUSD_2024-03-25_16-33-16.png" alt="Bitcoin price analysis chart | Tradingview" width="2694" height="1444" srcset="https://coingape.com/wp-content/uploads/2024/03/BTCUSD_2024-03-25_16-33-16.png 2694w, https://coingape.com/wp-content/uploads/2024/03/BTCUSD_2024-03-25_16-33-16-300x161.png 300w, https://coingape.com/wp-content/uploads/2024/03/BTCUSD_2024-03-25_16-33-16-1224x656.png 1224w, https://coingape.com/wp-content/uploads/2024/03/BTCUSD_2024-03-25_16-33-16-768x412.png 768w, https://coingape.com/wp-content/uploads/2024/03/BTCUSD_2024-03-25_16-33-16-1536x823.png 1536w, https://coingape.com/wp-content/uploads/2024/03/BTCUSD_2024-03-25_16-33-16-2048x1098.png 2048w, https://coingape.com/wp-content/uploads/2024/03/BTCUSD_2024-03-25_16-33-16-150x80.png 150w" sizes="(max-width: 2694px) 100vw, 2694px">
 <figcaption id="caption-attachment-187836" class="wp-caption-text">
 Bitcoin price analysis chart | Tradingview
 </figcaption>
</figure>
Should Bitcoin bulls want to invalidate the above bearish outlook, they must ensure resistance in the red band is weakened and then broken. An incoming golden cross likely to be established as the 20-day EMA crosses above the 50-day EMA would further accentuate the gains targeting highs above $70,000. Above this level, FOMO may kick in and push Bitcoin toward $80,000 closer to the halving.
The post <a href="https://coingape.com/markets/bitcoin-price-can-btc-take-off-to-80k-as-weekly-outflows-reach-904m/" rel="noopener noreferrer nofollow">Bitcoin Price: Can BTC Take Off To $80K As Weekly Outflows Reach $904M?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Bitcoin Price: Can BTC Take Off To $80K As Weekly Outflows Reach $904M?

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