Bitcoin (BTC) News Today: Catalyst Needed for BTC Breakout Above $70,000

BTC-Spot ETF Market Statistics Delivered a Five-Day Winning Streak

On Sunday, March 10,  BTC extended its winning streak to five sessions. BTC-spot ETF market flows for the week ending March 8 contributed to BTC gains of 9.38% in the week ending March 10.

Notably, the BTC-spot ETF market flipped Grayscale Bitcoin Trust (GBTC) to become the largest BTC holder, with 405k BTC. iShares Bitcoin Trust (IBIT) flipped MicroStrategy (MSTR), with 196k BTC.

After an impressive run of net inflows in the week ending March 8, the focus will likely turn to demand. Continued inflows at current levels may materially impact the availability of BTC and push BTC prices higher.

Michael Saylor, MicroStrategy founder and Chairman, shared a chart highlighting BTC interest on Sunday, saying,

“Interest in Bitcoin is hitting an All-Time High everywhere in the world.”

On Monday, March 11, BTC and the broader crypto market may need a catalyst to kick-start another bullish week. BTC-spot ETF market flow data for Monday, March 11, will likely impact buyer appetite for BTC and the broader market.

BTC was down 0.89% to $68,449 on Monday, March 11. Investor caution influenced buyer appetite for Meme Coins. Shiba inu coin (SHIB) and dogecoin (DOGE) were down 3.04% and 1.94%, respectively. Floki inu (FLOKI) declined by 3.43% through the Monday morning session after surging 86.51% in the week ending March 10.

ETH-spot ETF chatter also drew interest as investors considered the prospects of an ETH-spot ETF market.

ETH-Spot ETF May Approval Window Remains Open Amidst Approval Uncertainty

On Sunday, ETFStore President Nate Geraci shared his views on the lay of the land for an ETH-spot ETF Market, saying,

“If ether futures aren’t *highly* correlated w/ spot market, then why did SEC approve ether futures ETFs in Oct… How does that protect investors? Not saying SEC gonna approve spot ether ETFs, but not sure how they deny based on lack of correlation. Would be pretty bad look IMO.”

Geraci added,

“And while there’s no existing court case compelling SEC to approve spot ether ETFs… There really shouldn’t need to be IMO. Grayscale victory = precedent. Options for SEC are to unwind yrs of implicit acceptance of ether as commodity or face new lawsuit(s) if issuers so choose.”

Whether ETH is a commodity or a security has created uncertainty about an ETH-spot ETF market. Despite the uncertainty, ETH outperformed BTC in the week ending March 10, rallying 11.20% to end the week at $3,881.

Technical Analysis

Bitcoin Analysis

BTC hovered well above the 50-day and 200-day EMAs, affirming bullish price signals.

A BTC break above the March 8 all-time high of $70,076 would support a move toward the $75,000 handle.

BTC-spot ETF market flows need consideration.

However, a drop below the $67,000 handle would give the bears a run at the $65,000 handle.

The 14-Daily RSI reading, 73.56, shows BTC sitting in overbought territory. Selling pressure may intensify at the March 8 all-time high of $70,076.

Ethereum Analysis

ETH sat well above the 50-day and 200-day EMAs, sending bullish price signals.

An ETH breakout from the Friday high of $4,013 would bring the $4,200 handle into play.

Chatter about ETH-spot ETFs remains the main driver.

However, an ETH drop below the $3,800 handle would give bears a run at the $3,683 support level.

The 14-period Daily RSI, at 79.43, shows ETH in overbought territory. Selling pressure may intensify at the March 8 high of $4,013.