Bitcoin (BTC) News Today: Spot ETF Flows and Fed Bets to Impact Price Trends

BTC-Spot ETF Market Sees Record Weekly High Net Inflows

On Sunday (Mar 17), BTC rallied 4.67%, closing the session at $68,496. Significantly, BTC ended a three-day losing streak.

BTC-spot ETF market flow data for the week ending Mar 15 contributed to the end-of-week gains. Falling bets on an H1 2024 Fed rate cut influenced BTC-spot ETF market net inflows on Thursday (Mar 14) and Friday (Mar 15).

Nonetheless, the BTC-spot ETF market saw total net inflows reach a new weekly high in the week ending Mar 15.

According to BitMEX Research and Farside Investors, the BTC-spot ETF market witnessed total net inflows of $2,565.7 million for the week ending Mar 15. In comparison, the market saw total net inflows of $2,239.1 million in the previous week ending Mar 8. The last weekly high occurred in the week ending Feb 16, with net inflows reaching $2,271 million.

Considering the downward trend in total net inflows on Thursday (Mar 14) and Friday (Mar 15), flow data for Mar 18 could be pivotal.

The FOMC Economic Projections, Press Conference, and interest rate decision will be focal points. After the market reaction to the US inflation numbers, a more hawkish Fed rate path could pressure BTC. However, BTC-spot ETF market flow data also warrants investor attention.

A sustained increase in demand ahead of the halving event may mitigate the adverse impacts of fewer Fed rate cuts in 2024.

Bitcoin Fear and Greed Index Remains in Extreme Greed

On Monday (Mar 18), the Bitcoin Fear & Greed Index declined from 79 to 77. Significantly, the Index avoided a return to the Greed zone despite BTC briefly visiting sub-$65,000 on Sunday.

While sitting in the Extreme Greed zone suggests a possible sell-off, avoiding the Greed zone highlights BTC price support at current levels.

Nonetheless, trends remain pivotal. A continued decline in the Fear & Greed Index could instigate a more marked BTC sell-off.

Technical Analysis

Bitcoin Analysis

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

A BTC breakout from the $69,000 resistance level would give the bulls a run at the Mar 14 all-time high of $73,810. A BTC return to the ATH would support a move to the $75,000 handle.

On Monday, BTC-spot ETF market flow data for Mar 18 and Fed rate cut bets need consideration.

However, a break below the $65,000 handle would give the bears a run at the $64,000 support level. A fall through the $64,000 support level could signal a drop toward the $60,365 support level.

The 14-Daily RSI reading, 58.36, indicates a BTC move to the ATH of $73,810 before entering overbought territory.

Ethereum Analysis

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

An ETH move through the $3,835 resistance level could signal a run at the Mar 12 high of $4,091. An ETH break above the Mar 12 high could support a move to the $4,200 handle.

Crypto-spot ETF-related news needs investor consideration.

However, an ETH fall through the $3,480 support level could give the bears a run at the $3,244 support level.

The 14-period Daily RSI at 52.76 suggests an ETH move to the $4,000 handle before entering overbought territory.