Cryptocurrency market ‘in the middle of a bull run’
Despite the Bitcoin price rally from $63,800 to $70,000 in the five days leading up to March 27, only $151 million of leveraged short positions in the BTC futures market were forced to close. This suggests that despite the $888 million in net withdrawals from U.S. Bitcoin spot ETFs last week, shorts remain cautious. On the positive side, Bitcoin has shown resilience, with the drop from $73,757 on March 14 to $60,795 on March 20 not causing panic among spot ETF investors. Spot ETF flows reversed this week, recording a total of $418 million in net inflows on March 26.
Is Bitcoin’s Pre-Halving Pullback Over?
The price adjustment before the halving of Bitcoin is consistent with the historical retracement and is in line with expectations. Currently, the price of Bitcoin has rebounded to around $70,000. If the historical high of $69,000 can become a support level, then the price of Bitcoin has the potential to break through the historical high. The adjustment of the price of Bitcoin last week shows that the price has formed or is close to forming a local bottom. The pullback from the current historical high of $73,666 is equivalent to a correction of about 17.5%, which shows that the market is close to establishing a local bottom. In fact, the market has begun to follow this law.
Bitcoin halving countdown
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This has been a key event and catalyst for BTC in past cycles, which has often led it to new all-time highs.
![](https://public.bnbstatic.com/image/pgc/202403/5f8cefdcded2fd4b0eeacb42e67a46be.png)
From the historical data, Bitcoin's market cycle shows a rhythm related to its halving event. Usually, the bottom is reached about 1.3 years (477 days) before the halving event, and then the peak is reached after an average of about 1.3 years (480 days). First, we can mark September 11, 2022 as the bottom, when the Bitcoin price was $15,855, 587 days before the halving event on April 20, 2024, much earlier than the average 477-day cycle. Second, for the first time in history, Bitcoin hit an all-time high before the halving in early March. It should be pointed out that the length of time from bottom to peak is just an average, and the actual market cycle may be affected by macro changes and unexpected events. Nevertheless, breaking the historical high may mean that this market cycle has broken the traditional rhythm pattern.
BlackRock CEO Larry Fink was “pleasantly surprised” by the performance of the Bitcoin ETF and reiterated his “very optimistic” attitude towards the long-term viability of Bitcoin.
Fink said in an interview with Fox Business Channel on March 27: "IBIT is the fastest growing ETF in the history of ETFs. In the history of the development of the ETF market, no product has accumulated assets as quickly as IBIT. We are creating a more liquid and transparent market, which surprises me. Before we submitted the application, I never expected that we would see such retail demand." Fink also said: "I am very optimistic about the long-term viability of Bitcoin." According to Farside Investors, IBIT performed strongly in the early stages of trading, attracting a total of $13.5 billion in inflows in the first 11 weeks, with the highest single-day inflow reaching $849 million on March 12. IBIT's average daily inflow is slightly more than $260 million. In general, the market is currently experiencing a normal rest period. The $100,000 mark we are looking forward to may really be not far away. The future may come faster than we think. In this market, stay calm and analyze rationally to seize your own opportunities.
Today's recommendation:
PDA: After a certain decline yesterday, it rebounded on the back of volume support. Considering this rebound with volume, it is very likely that the upward trend will continue today.
![](https://public.bnbstatic.com/image/pgc/202403/6c7408a02483b3476aa321c0e3046271.png)
Today's article ends here. We are currently in a bull market, and the situation is turbulent. We share every day. If you don't know what to do in a bull market, you can share the spot password and layout strategy of the bull market.
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