Bitcoin (BTC) News Today: Navigating BTC’s Volatility Amidst Spot ETF Dynamics

Bob Mason
Published: Mar 23, 2024, 07:02 GMT+00:00

Key Points:

  • Bitcoin (BTC) fell by 2.57% on Friday (Mar 22), ending the session at $63,866.
  • BTC-spot ETF market outflows impacted buyer demand for BTC.
  • On Saturday, crypto-spot ETF-related chatter and SEC activity need consideration.
Bitcoin (BTC) News Today

In this article:

BTC-Spot ETF Market Sees Net Outflows for Five Consecutive Sessions

On Friday (Mar 22), BTC fell by 2.57%. Following a 3.59% loss on Thursday, BTC ended the session at $63.866.

Investors reacted to BTC-spot ETF market flow data for Thursday (Mar 21) and Friday (Mar 22). According to BitMEX Research and Farside Investors, the BTC-spot ETF market saw net outflows of $93.9 million on Thursday and $51.6 million on Friday.

Significantly, the BTC-spot ETF market saw net outflows for five consecutive sessions, the longest streak since launching on Jan 11. In the previous week, the BTC-spot ETF market had seen record net inflows of $2,565.7 million.

Grayscale Bitcoin Trust (GBTC) saw net outflows of $169.9 million on Mar 22, down from $358.8 million (Mar 21). However, iShares Bitcoin Trust (IBIT) saw net inflows tumble from $233.4 million (Mar 21) to $18.9 million (Mar 22), the lowest since launch.

Fidelity Wise Origin Bitcoin Fund (FBTC) saw net inflows increase from $2.9 million (Mar 21) to $18.1 million (Mar 22).

Nonetheless, IBIT and FBTC saw net inflows for 50 consecutive sessions despite the BTC reversal.

However, the Bitcoin Fear and Greed Index signaled the BTC pullback in advance. On Mar 14, the Fear & Greed Index peaked at 88 (Extreme Greed Zone) before sliding into the Greed Zone.

On Saturday, the Bitcoin Fear & Greed Index fell from 75 to 74, remaining within the Greed Zone. Investors must consider the near-term trends, which continue to send bearish signals.

Bitcoin Fear & Greed Index sends bearish price signals.
BTC Fear and Greed Index 230324

Technical Analysis

Bitcoin Analysis

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

A BTC break above the $65,000 handle could give the bulls a run at the $69,000 resistance level. A breakout from the $69,000 resistance would support a move toward the ATH of $73,808.

On Saturday, BTC-spot ETF-related chatter and SEC activity need consideration.

Conversely, a break below the $64,000 support level could give the bulls a run at the $60,365 support level.

The 14-Daily RSI reading, 50.00, suggests a BTC return to the ATH $73,808 before entering overbought territory.

BTC Daily Chart sends bullish price signals.
BTCUSD 230324 Daily Chart

Ethereum Analysis

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

An ETH breakout from $3,400 would support a move to the $3,480 resistance level. A break above the $3,480 resistance level could give the bulls a run at the $3,600 handle.

Crypto-spot ETF-related chatter warrants investor attention.

Conversely, an ETH break below the 50-day EMA and the $3,244 support level could signal a drop to the $3,033 support level.

The 14-period Daily RSI at 45.44 indicates an ETH drop to the $3,033 support level before entering oversold territory.

ETH Daily Chart sends bullish price signals.
ETHUSD 230324 Daily Chart

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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