Bitcoin (BTC) News Today: Return to $69,000 Hinged on US Job and Flow Data

Bob Mason
Published: Mar 8, 2024, 04:20 GMT+00:00

Key Points:

  • BTC advanced by 1.21% on Thursday, closing the session at $66,975.
  • Investor anticipation of a June Fed rate cut bolstered demand for riskier assets, including BTC.
  • On Friday, the US Jobs Report and BTC-spot ETF market flows warrant investor attention.
Bitcoin (BTC) News Today

In this article:

Grayscale Bitcoin Fund Outflows Continued Downtrend

On Thursday, BTC advanced by 1.21%. After gaining 3.66% on Wednesday, BTC closed the session at $66,975.

BTC-spot ETF market flows contributed to the session gains. Significantly, Grayscale Bitcoin Fund (GBTC) saw net outflows fall from $332.5 million (March 5) to $276.2 million (March 6), according to figures from BitMEX Research. Outflows trended downwards for the fourth consecutive session from $598.9 million on February 29.

iShares Bitcoin Trust (IBIT) continued to lead the way on March 6, with net inflows of $281.7 million. Fidelity Wise Origin Bitcoin Fund (FBTC) saw net inflows of $205.7 million. Notably, there were no net outflows across the Nine for the first time since February 27. However, total net inflows fell from $684.4 million (March 5) to $332.1 million (March 6).

BTC-Spot ETFs on Target for Four Consecutive Days of Net Inflows

According to Farside Investors, GBTC saw net outflows increase to $374.8 million on March 7. Excluding flow data for IBIT and FBTC, BTC-spot ETF market net outflows stood at $290.3 million for March 7 early in the Friday session.

Another positive session of net inflows for IBIT and FBTC would deliver a fourth consecutive session of total net inflows for the BTC-spot ETF market.

Positive flow trends continue to support BTC at current price levels.

Bets on a June Fed Rate Cut Contribute to Recent Gains

On Thursday, the Nasdaq Composite Index rallied 1.51%. Rising bets on a June Fed rate cut supported buyer demand for riskier assets. Hopes of an H1 2024 Fed rate cut contributed to gains for BTC and the broader crypto market.

Fed Chair Powell delivered a second day of testimony on Thursday, fueling investor bets on an H1 2024 Fed rate cut. The Fed Chair stuck to the Wednesday script, saying rate cuts were likely later in the year. The US Jobs Report is out later today and could influence near-term BTC price trends if the BTC-spot ETF market sees net outflows on Thursday (March 7).

The total crypto market cap increased by 1.63%, ending the Thursday session at $2,466 billion. However, dogecoin (DOGE) and shiba inu (SHIB) saw further losses. DOGE fell by 0.06%, with SHIB ending the session down 5.20%. Investors continued to lock in profits after hitting highs on Tuesday (March 5).

Technical Analysis

Bitcoin Analysis

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

A BTC move to the Tuesday high of $69,064 would give the bulls a run at the all-time high of $69,276 and $70,000.

BTC-spot ETF market flows and the US Jobs Report need consideration.

However, a fall below the $66,000 handle could signal a fall toward the $59,176 support level.

The 14-Daily RSI reading, 73.83, shows BTC sitting in overbought territory. Selling pressure may intensify at the Tuesday high of $69,064.

BTC Daily Chart sends bullish price signals.
BTCUSD 080324 Daily Chart

Ethereum Analysis

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

An ETH break above the Friday high of $3,943 would support a move to the $4,000 handle.

ETH-spot ETF-related chatter also needs consideration.

However, an ETH drop below the $3,800 handle would bring the $3,683 support level into view.

The 14-period Daily RSI, at 84.95, shows ETH in overbought territory. Selling pressure could intensify at the Friday high of $3,943.

ETH Daily Chart sends bullish price signals.
ETHUSD 080324 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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