The Bitcoin price is trading at $64,099 as of 3:00 am ET, down 6% in the last 24 hours. As the BTC price trades with a bullish bias, there seems to be hope for Bitcoin bulls as the technical setup forecasts a rebound to $100,000.
Meanwhile, inflows into crypto products reach record highs in terms of inflows and trading volume in the weekly timeframe. According to the latest report by CoinShares, the weekly trading volume of digital asset investment products saw a record $2.9 billion last week. Last week's trading volume for the ETFs was 7.4% higher than the $2.7 billion registered in the prior week.
The CoinShares report read:
"This week's inflows have pushed year-to-date inflows to US$13.2bn, smashing the full 2021 inflows of US$10.6bn."
BlackRock's iShares ETFs again led, generating a trading volume of $2.48 billion for the week. Fidelity's ETFs and ARK 21Shares ETFS generated $718 million and $154billion in trading volume, respectively,
Weekly crypto inflows. Source: CoinShares
Cumulative trading volume for all the crypto investment products now stands at $43 billion for the week.
Bitcoin ETFs now comprise 97% of all trading volume year-to-date, with $2.86 billion inflows last week. While short Bitcoin saw its largest inflows in a year, totaling $26 million, for the fifth consecutive week.
Is Bitcoin's bull flag a sign of things to come?
After finding support around the $50,900 level on Feb. 26, the pioneer cryptocurrency embarked on an uptrend, smashing one all-time high after the other, setting a fresh record high of $73,835 on Thursday, March 16.
Since then, BTC witnessed a sharp sell-off, with the price falling over 13% to an intra-day low of $63,552 on March 19.
This price action has led to the appearance of a bull flag on the daily chart. Therefore, a daily candlestick close above the upper boundary of the flag at $66,630 would confirm an upward breakout from the technical pattern.
The price of Bitcoin may then rise toward the all-time high at $73,835 before making a run for the optimistic target of the prevailing chart pattern at $100,000. This would represent a 56% uptick from the current price.
BTC/USD daily chart. Source: TradingView
Apart from the significantly bullish chart pattern, BTC's upside was supported by the upward-facing 50-day and 100-day exponential moving averages (EMAs). These EMAs also provided areas of support for the flagship cryptocurrencies at $58,708 (50-day EMA) and $51,811 (100-day EMA).
On the downside, the relative strength index (RSI) is facing downward, and the price strength at $50 suggests that the bears have taken over control of the price. The fine line of defense from the current levels is the lower boundary of the flag at $62,433 and lower, the 50-day EMA.
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