Crypto News Today: FLOKI Leads SHIB Higher as BTC Hits $70,000

Fidelity Wise Origin Bitcoin Fund Delivered a Fourth Session of Total Net Inflows

On Friday, BTC gained 2.00%. After advancing by 1.21% on Thursday, BTC closed the session at $68,315.

Investors remained focused on BTC-spot ETF market flow data for March 7. Significantly, the market saw total net inflows for the fourth consecutive session. Total net inflows were higher on March 7 despite Grayscale Bitcoin Trust (GBTC) seeing net outflows rise from $276.2 million (March 6) to $374.8 million (March 7).

Fidelity Wise Origin Bitcoin Fund (FBTC) saw net inflows jump from $205.7 million to $473.4 million on March 7. Notably, FBTC outmuscled iShares Bitcoin Trust (IBIT) for the first time since February 26. IBIT saw net inflows of $244.2 million. Nonetheless, IBIT remains on course to retain the number one ranking for weekly total net inflows in the week ending March 8.

Monday (March 4) through Thursday (March 7), IBIT saw net inflows of $1,734.3 million, compared with FBTC net inflows of $1,209.3 million.

The BTC-spot ETF market is on target for record weekly total net inflows. Monday (March 4) through Thursday (March 7) total net inflows stood at $2,016.1 million, just below total net inflows of $2,271 million in the week ending February 16.

Market bets on an H1 2024 Fed rate cut also fueled demand for BTC. On Friday, the US Jobs Report supported bets on an H1 2024 rate cut.

US Jobs Report Signals Economic Slowdown

Nonfarm payrolls increased by 275k in February after rising by 229k in January. However, the unemployment rate increased from 3.7% to 3.9%, with average hourly earnings falling from 4.4% to 4.3% year-on-year. The unexpected rise in the unemployment rate signaled slower growth, which could impact wages and curb consumer spending.

Rising bets on a Fed rate cut are a boon for BTC and the broader crypto market.

Dogecoin (DOGE) and shiba inu (SHIB) outperformed BTC and the broader market.

DOGE and SHIB ended the Friday session with gains of 4.58% and 11.73%, respectively. SHIB ended a three-day losing streak. Despite a three-day losing streak, SHIB is on target for another stellar week. After surging by 133.09% in the week ending March 3, SHIB was up 56.52% Monday through Friday. DOGE was up a more modest 6.55% after rallying 79.39% in the week ending March 3.

Upward trends in active addresses fueled breakouts as investors returned from the sidelines. BTC remained the market barometer, a Friday record high driving buyer demand for meme coins.

However, FLOKI (FLOKI) stole the show on Friday, surging 66.39% to $0.0002323. FLOKI was up 60% Monday through Friday after ballooning 299% in the week ending March 3. FLOKI has benefited from listings on crypto exchanges and endorsements as a long-term investment opportunity.

Coinhako, a Monetary Authority of Singapore-regulated crypto exchange, listed FLOKI on Friday, March 8. CoinMENA also announced the listing of FLOKI on Friday.

Technical Analysis

Bitcoin Analysis

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

A BTC break above the Friday all-time high of $70,066 would support a move toward the $75,000 handle.

BTC-spot ETF market flows need consideration.

However, a fall below the $67,500 handle could give the bears a run at the $59,176 support level.

The 14-Daily RSI reading, 74.89, shows BTC sitting in overbought territory. Selling pressure may intensify at the Friday all-time high of $70,066.

Ethereum Analysis

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

An ETH break above the Friday high of $4,001 would bring the $4,200 handle into play.

ETH-spot ETF-related chatter also needs consideration.

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

The 14-period Daily RSI, at 84.20, shows ETH in overbought territory. Selling pressure could intensify at the Friday high of $4,001.