Bitcoin Continues Its Uptrend as Capital Continues to Flood Spot Bitcoin ETFs

Bitcoin price is steadily rising toward the $80,000s, fueled by the upcoming halving and the success of the spot BTC EFTs in the United States.

BTC rose from a low of $72,571 on March 14, climbing 1.35% to a higher all-time high of $73,809 on Binance.

Meanwhile, the new U.S. spot Bitcoin ETFs breached their daily record of inflows on March 12, raking in more than $1 billion.

BlackRock's Bitcoin ETF (IBIT) and Fidelity ETF (FBTC) continued to draw attention on March 13, 2024, with combined inflows of approximately $870 million in inflows. During this time, the U.S. Bitcoin ETFs received substantial support with institutional entries amounting to $700 million, according to BitMEX Research data.

VanEck plans to boost its product by waiving its 0.20% sponsor fee on the first $1.5 billion of fund assets until March 31, 2025, taking the fee wars to the next level.

In addition, the Bitcoin supply halving, which is expected to reduce miner rewards by half, is expected to further propel the BTC price higher as demand increases. After the next halving, which is approximately 40 days away, block rewards will reduce from 6.25 BTC to 3.125 BTC per block of Bitcoin mines.

Bitcoin price outlook for 2024

As Bitcoin enters price discovery, many analysts have been left wondering how far it can go after the halving.

Meanwhile, BTC's uptrend seems intact, and new investors and speculators are continuing to enter the market. The upward movement of the Relative Strength Index supports this positive outlook. The price strength at 80 validates the dominance of buyers in the market and rising momentum.

The bulls also maintain a strong presence in the BTC market, as seen with the growing volumes of green histogram bars that remain in positive territory on the moving average convergence divergence (MACD) indicator.

Increased buying from the current levels could see Bitcoin price rise to reclaim the $73,800 all-time high. Further north, the pioneer cryptocurrency could tag the $75,000 milestone or, in a highly bullish case, extend higher to tag the $80,000 psychological level. This would represent a 9.5% ascent above the current price.

TradingView Chart: BTC/USD

Conversely, if bears begin to book profits, the big crypto could retract lower to break and/or produce a close below the $64,044 demand zone.

Further down the road, BTC could move to produce a buying opportunity for later buyers at psychological levels around $62,000 and $60,000.