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Home»Bitcoin»Bitcoin to $70K – How YOU could be key to pushing BTC over the line
Bitcoin

Bitcoin to $70K – How YOU could be key to pushing BTC over the line

2024-03-08No Comments2 Mins Read
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  • Bitcoin ETF AUM’s grow to $50 billion, indicating high interest.
  • Retail investors begin to indulge in profit taking

Bitcoin’s [BTC] price has picked up yet again after slowing down in early march. The surge in price, in part could be attributed to rising retail interest in BTC.

Retail investors pour in

One indicator of this was the fact that assets under management (AUM) for Bitcoin spot exchange-traded funds (ETFs) surpassed $50 billion recently.

This milestone reflects the growing interest and investment in Bitcoin through the ETF market, highlighting the increasing mainstream adoption of the cryptocurrency.

The significant AUM also underscores the substantial capital inflows into Bitcoin spot ETFs, signaling a broader acceptance of digital assets within traditional financial instruments.

Source: X

Here for a good time, not a long time?

Yet, retail investors have also been observed engaging in profit-taking.

According to CryptoQuant analyst G a a h, the SOPR STH, a metric utilized since April 2023, indicates that short-term holders (STH), often associated with retail investors, haven’t reached the mid-range marked in yellow on the chart. This signals the return of retail participants to the market, capitalizing on profit opportunities as the price of Bitcoin ascends.

It’s crucial to note that short-term holders are typically considered retail, as they engage in the market for speculative purposes, anticipating price appreciation during a trend.

The SOPR STH specifically evaluates Unspent Transaction Outputs (UTXOs) with a lifespan of 1 hour to 155 days on-chain, analyzing profit/loss within the window between creation and output spent.

As the realization flow of this category of investors increases, it brings forth the risk of a local top formation. This is due to these traders providing liquidity, allowing larger players to fulfill their orders in the market.

See also  Mysterious Bitcoin Whale Abruptly Moves Over $134,000,000 in BTC – Here’s Where the Crypto’s Headed

Despite these observations, there is still a considerable gap to reach the Extreme Greed range.

Historically, the Bitcoin price has visited this range multiple times during previous bullish cycles, indicating that there may be further potential for upward movement despite the ongoing profit-taking among retail investors.


Read Bitcoin’s [BTC] Price Prediction 2024-2025


These factors could hinder BTC’s rally in the future.

At press time, BTC was trading at $67,623.50 and its price had grown by 2.61% in the last 24 hours.

Source: Santiment

Next: Terraform labs’ Do Kwon to be extradited to South Korea, details here
70k Bitcoin BTC Key line pushing
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bitcoin
Bitcoin (BTC) $ 106,744.60
ethereum
Ethereum (ETH) $ 2,555.98
tether
Tether (USDT) $ 1.00
xrp
XRP (XRP) $ 2.35
bnb
BNB (BNB) $ 654.15
solana
Solana (SOL) $ 168.97
usd-coin
USDC (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.226998
cardano
Cardano (ADA) $ 0.75473
tron
TRON (TRX) $ 0.271336