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The worth of Bitcoin (BTC) entered into an outlined consolidation section this weekend because it market bulls fought off bear motion that dragged the premier cryptocurrency from its All-Time High (ATH) of $70,083.05 to a low of $61,442 over the previous week.

Bitcoin Price and ETF Momentum

The worth of Bitcoin (BTC) has been recorded from the knee-jerk response that trailed the sell-off it printed following the breach of the $70,000 ATH. Currently priced at $69,548.88 on the time of writing, Bitcoin has managed to register a 1.64% development previously 24 hours as it’s now trying to breach the $70,000 mark once more.

Amid the consolidation strikes, the quantity catalyst driving Bitcoin’s development – spot BTC ETF – stays a power to reckon with within the coming week. Per knowledge from crypto Capital Compounder HODL15Capital, the Bitcoin Order Book is at the moment very skinny. Placing Coinbase within the highlight, the information perception revealed that there are lower than 150 BTC to buy per the $70,000 Bitcoin valuation.

🟩 The Bitcoin order e-book could be very skinny. There isn’t any promote wall to talk of (lower than 150 BTC on the market on Coinbase to $70,000), contemplating that the ETFs might want to purchase 5-10,000 BTC tomorrow 👇 pic.twitter.com/oworZACuwf

— HODL15Capital 🇺🇸 (@HODL15Capital) March 10, 2024

This compares with the 5-10,000 BTC that the spot Bitcoin ETF issuers are on observe so as to add to their portfolio because the week opens. The provide squeeze created by the spot Bitcoin ETF issuers, particularly BlackRock, Fidelity Investments, Ark Invest, and Bitwise has created a never-before-seen shortage that’s driving the worth of Bitcoin (BTC) to unprecedented heights.

Bolstering Current Price Discovery

With Bitcoin successfully seeking to type long-term help on the $70,000 stage, consultants have projected that it’s in a worth discovery mode with the potential prime exhausting to find out within the quick time period.

Over the previous week, as a lot as 33,000 BTC was acquired by all of the issuers when Grayscale Investments’ outflow is factored in. Should the proportion be maintained within the coming week, it could drive one other bullish sentiment that won’t solely assist Bitcoin worth regain its ATH however to set one other that may soar as much as $80,000.

The liquidity crunch is sure to grow to be extra intense when the Bitcoin halving occasion, slated to be held in 37 days, is ushered in. 

Through this occasion, the amount of Bitcoin that can be issued to miners day by day can be slashed by 50% from 6.25 BTC per block to three.125 BTC. This implies that the common of 900 BTC being produced day by day will now scale back to 450 BTC and may the Spot Bitcoin ETF demand stay the identical or larger, it’d assist usher in the $300,000 target set by “Rich Dad Poor Dad” Author Robert Kiyosaki for this 12 months.

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Benjamin Godfrey is a blockchain fanatic and journalists who relish writing about the actual life purposes of blockchain expertise and improvements to drive normal acceptance and worldwide integration of the rising expertise. His wishes to teach folks about cryptocurrencies conjures up his contributions to famend blockchain based mostly media and websites. Benjamin Godfrey is a lover of sports activities and agriculture. Follow him on Twitter, Linkedin

The introduced content material might embrace the non-public opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any duty in your private monetary loss.