Bitcoin (BTC) remains resilient as spot ETF inflows continue, signaling sustained institutional interest. Despite recent short-term volatility, the cryptocurrency shows signs of potential upward momentum.
BTC is trading around $70,600 as of March 14, with the spot Bitcoin ETFs seeing a fifth consecutive day of inflows. The cryptocurrency is down by around 1.3% in the past 24 hours, with a market capitalization of more than $1.4 trillion, as per the latest market capitalization data from CoinGecko.
Crypto analyst Crypto Patel recently shared on X, stating that Bitcoin may have already revealed a possible roadmap for the next two to four years. Patel suggested that a projected level near $126,200 has been confirmed on the weekly chart, outlining possible accumulation zones that could appear if the market experiences deeper pullbacks.
According to this analysis, accumulation points are possible near the prices of $56,611, $44,193, and $34,499. These are considered to be points where long-term investors could be adding to their positions if a correction happens.
The long-term targets are set for prices such as $150,000, $250,000, and even as high as $350,000 if the overall market continues to develop with a bullish bias.
However, the analysis also pointed to a possible resistance area that might hinder the upward movement. The post suggested that a bearish order block exists between the prices of $90,000 and $95,000.
This area might be a strong resistance zone for BTC. Therefore, if Bitcoin approaches this area in the future, buyers will need to get through this zone before they can move towards higher targets.
Also Read | Ripple Acquisitions Since 2023 Highlight Expansion Strategy
The activity within the Bitcoin market, particularly for institutional investors, continues to be steady. Data from SoSoValue shows that Bitcoin spot ETFs recorded a combined net inflow of approximately $180 million on March 13 (EST). This marks the fifth consecutive day for these funds to receive a positive net inflow.
Out of all the funds, the IBIT fund from BlackRock recorded the highest single-day inflow, with approximately $144 million. The inflows into these funds suggest that large investors are active within the market despite the short-term price fluctuations for Bitcoin.
The Ethereum spot ETFs recorded a combined net inflow of approximately $26.69 million. These funds recorded a positive net inflow for the fifth consecutive day. Out of all the Ethereum spot ETFs, the ETHA ETF from BlackRock recorded the highest inflow with approximately $32.39 million.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read | LayerZero Becomes Multi-Chain Backbone While ZRO Faces Resistance at $2.20
