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- On March 10, the Bitcoin crypto price lost 3.50% in an hour.
- According to the market cap, Bitcoin crypto ranks 1st in the cryptocurrency market.
Since the beginning of 2023, the Bitcoin price has witnessed strong buying pressure, and the price has surged by 270%. It recorded an all-time high of $73,808 on March 14, 2024, and underwent a correction phase.
The price has been defending the significant support level of $61,000 since the beginning of March. In the first week of May, the asset price slipped below the major support level, but buyers were strong enough to lift the price over the $61,000 hurdle.
Bitcoin Crypto Spot ETF Flows
According to SoSoValue, yesterday, May 10, the total net outflow of Bitcoin spot ETFs was $84.6581 million. Grayscale ETF GBTC had a net outflow of $103 million per day, BlackRock ETF IBIT had inflow of $12.4363 million, Fidelity ETF FBTC had a inflow of $5.3039 million.…
— Wu Blockchain (@WuBlockchain) May 11, 2024
According to the data from SoSoValue, the net outflow of Bitcoin spot ETFs on May 10 was $84.70 Million.
Breakdown of cumulative net inflow
Black Rock:- $15.50 Billion
Fidelity:- $8.14 Billion
Bitwise:- $1.76 Billion
Bitcoin Crypto Volume vs. Price Analysis
Based on the given Santiment data, the trading volume decreased from $100 to $26 Billion in March. The great negative change in volume hasn’t influenced the BTC price a lot.
For the past 5 days, the trading volume has remained constant, but the price has shown bearish momentum. Suppose the trading volume decreases, which would lead the Bitcoin price to trade below the $61,000 hurdle.
Development Activity Increased by 300% in a Month: What’s Going on?
The graph of development activity has witnessed a growth of around 300% in a month. During this change, the price performed negatively but was sustained at a significant support level.
In the last 5 days, the development activity has increased by 20%, but the price has reacted negatively.
Bitcoin Price Prediction: Buyers Looking For a New All-time High?
At press time, the Bitcoin price traded at $60,957.00 with an intraday gain of 0.13%. The market capitalization is $1.19 Trillion, and the fully diluted market cap is $1.27 Trillion. The 24-hour trading volume is $26.12 Billion, and according to the volume, it ranks 2nd in the cryptocurrency market.
Bitcoin price has been defending the major support level of $61,0000 and trading at the same level at the time of writing. The buying trend has halted near the $70,000 hurdle and declined by forming lower lows and lower highs.
BTC price has formed a bearish candlestick pattern at the falling trendline. Suppose the sellers show interest and the price starts trading below the primary support level of $61,000; selling pressure can be seen and melt to the 200-day EMA.
If the asset price fails to defend the 200-day EAM, most investors may prefer to book profit, which may lead to strong selling pressure.
On the other hand, if the Bitcoin crypto price triggers a breakout from the trendline and sustains, the buyers may show interest and gain bullish momentum. Assuming the trading volume supports this buying momentum, buyers may be eyeing a new all-time high, and a long-term bullish trend can be expected.
Conclusion
Based on the current market trends and analysis, the Bitcoin crypto price will likely continue its correction phase for some time. However, if the buyers manage to sustain the major support level of $61,000 and trigger a breakout from the falling trendline, a bullish trend can be expected.
It is important to keep a close eye on trading volume and development activity to understand market sentiment better.
Technical Levels
Based on the chart structure, the major support level is $61,000, and the other support level is $52,000. If the price gains bullish momentum, it could be interrupted near the $71,000 hurdle, and another resistance level would be $80,000.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
