Bitcoin (BTC) News Today: BTC Winning Despite Market Volatility

BTC-Spot ETF Market News

On Saturday, BTC gained 0.36%. Partially reversing a 2.57% loss from Friday, BTC closed the session at $64,094.

BTC rallied to a Saturday high of $66,083 before pulling back below the $65,000 handle. Grayscale Bitcoin Trust (GBTC) net outflows eased in the second half of the week. On Friday (March 22), GBTC saw net outflows of $169.9 million, down from $358.8 million (March 21).

Significantly, net outflows were the lowest for the week. On Monday (March 18), GBTC net outflows surged to $642.5 million, the highest since the launch of the Nine.

GBTC experienced a surge in net outflows because of the court ruling in the Genesis bankruptcy case. In February, the courts ruled that Genesis Global Holdco LLC could liquidate GBTC shares worth approximately $1.3 billion.

The downward trend in GBTC outflows was a positive signal at the end of the trading week. However, total BTC-spot ETF market net inflow trends continued to test buyer demand for BTC.

According to BitMEX Research and Farside Investors, the BTC-spot ETF market saw total net outflows of $887.7 million in the week ending March 22.

iShares Bitcoin Trust (IBIT) and Fidelity Wise Origin Bitcoin Fund (FBTC) saw their respective net inflows tumble compared to the previous week.

• IBIT saw total net inflows of $828.3 million in the week ending March 22 compared to net inflows of $2,483.6 million in the week ending March 15.
• FBTC saw total net inflows of $79.4 million, down from $717.9 million in the week ending March 15.

Nonetheless, the recent BTC-spot ETF market flow trends failed to spook MicroStrategy (MSTR) founder and Chairman Michael Saylor.

On Saturday, Michael Saylor shared a chart showing the performance of BTC, US indices, commodities, and bonds, saying,

“Bitcoin is Winning.”

The Bitcoin Fear and Greed Index also signaled a possible shift in investor sentiment, avoiding a further decline. On Sunday, the Bitcoin Fear and Greed Index increased from 73 to 74.

However, the Index remained in the Greed Zone, which could signal further BTC losses. Investors must consider near-term trends, with a further fall toward the Neutral zone likely to impact investor confidence.

Technical Analysis

Bitcoin Analysis

BTC remained above the 50-day and 200-day EMAs, sending bullish price signals.

A BTC return to the $65,000 handle could signal a move to the $69,000 resistance level. A break above the $69,000 resistance would give the bulls a run at the ATH of $73,808.

On Sunday, BTC-spot ETF-related news and SEC-related chatter warrant investor consideration.

Conversely, a drop below the $64,000 support level could signal a BTC fall to the $60,365 support level.

The 14-Daily RSI reading, 50.10, indicates a BTC move to the ATH $73,808 before entering overbought territory.

Ethereum Analysis

ETH hovered above the 50-day and 200-day EMAs, confirming the bullish price trends.

An ETH return to the $3,400 handle could support a move to the $3,480 resistance level. A breakout from the $3,480 resistance level could bring the $3,600 handle into play.

Crypto-spot ETF-related news on the May approval window warrants investor attention.

Conversely, an ETH fall through the 50-day EMA and the $3,244 support level could give the bears a run at the $3,033 support level.

The 14-period Daily RSI at 45.03 suggests an ETH fall to the $3,033 support level before entering oversold territory.