After the SEC approved the Bitcoin Spot ETF in January, the Grayscale Fund sold some of its chips, resulting in a sharp drop in the price of BTC, and then the market Rebound. After February, the market forced a short rise, and there was almost no turning back. After breaking through $64,000, it is just one step away from the all-time high of $69,000. The most direct driver of the Bitcoin market is the continuous buying of Wall Street institutions, causing demand to far exceed supply. In particular, in recent days, institutions have bought more than $500 million a day. On February 28, BlackRock's IBIT inflows alone amounted to $612 million, equivalent to the purchase of 10,140 BTC. Under the FOMO sentiment of the Bull Market, large investors do not sell, and the buying strength of institutions has basically dried up the liquidity of Bitcoin, so there will be a forced short rise. After the passage of the Bitcoin ETF, the driving logic of BTC has changed, from the previous Miner production cost driven to the demand driven by the asset allocation of financial institutions. At present Bitcoin the daily output is 900, and the production after the Halving of one Long month is only 450 per day, but during this time, ETF institutions often buy more than 10,000 per day.
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At present, in addition to Grayscale, the total purchase volume of nine Bitcoin Spot ETF funds exceeds 300,000 Bitcoin, and the current total value exceeds $18.3 billion, which is only 48 days, while the net increase exceeds 132,800 Bitcoin, and the net purchase funds exceed $8.1 billion, just 48 days! Simply calculated, Mining daily output of 900 Bitcoin, even if all of them are sold, at the current price, it will be 50 million Long US dollars, compared with the Bitcoin Spot ETF funds that are often hundreds of millions, it is not enough to buy, not to mention Miner it will definitely not be sold all, plus the Halving in two months, this round of crypto market Bull Market will challenge everyone's imagination.
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BTC market trend is currently around 62000 shocks, the current point of view in the weekly level and monthly level, are bullish trend market, yesterday talked about the support of 60000, yesterday hit the lowest point is the Rebound near this position, the current point as long as the breakthrough of the new high 64000 point line, the direct market can see the 72000-80000 range, the main position range is the new high position in the early stage, so everyone pay attention to the current first position, the March market is to pay attention to the 69000 high mark, can you break through and stand firm in this position to reach a higher direction, first step by step, from the diskThe short-term market has been fluctuating chronically, and the Long Short has repeatedly formed corrections and retracements. The greater the volatility, the longer the shock, the weekend or look at the range shock, the trend structure on the hourly line boll has kept up with the trend structure, the four-hour structure chart to see the K-line running above the middle of the Bollinger band and in the trend of two yang and one yin, in the early morning BTC is the highest is again hit above 63000, but did not stabilize the current price around 62200. From the perspective of the hourly structure chart, since the previous fall to 60450 out of the rebound, and then in a step-up rising stage, the current hourly line is also out of the five-consecutive negative retracement pattern, then the intraday chasing short is already unstable, after all, the trend is still Long, then our intraday thinking continues to be arranged around the low Long ideas.
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Now the market is different almost every day, last night's volatility is too violent, breaking through 3500 still has a sinking trend, Ethereum's market in March to focus on, then the current price in the impact of the previous high position, the four-hour level is relatively slow, according to the current four-hour level trend 3300 currently walked a support position, the first step above the position resistance point first look at 3500 points, this month is bound to stand firm 3600 points, then the market will go to 4000 and above the position, Saturday white disk suggests that Ether around 3400-3380 Long, the target focus on the 3500-3550 line。
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In the case of Favourable Information expectations in March to make up for the rise, the cottage will also take off, today BCH is strong and strong, I hope everyone has goods in their hands, the BSV and ETC in the production reduction expectation are still incremental Shorts, the current copycat plate rotation, now to the meme plate DOGE, SHIB, FLOKI, PEPE, the next possible rotation is the increasingly concerned chain game track, chain game can pay attention to ACE YGG, AXS and SAND are more familiar to everyone, the current price is not very high, you can enter the market, waiting for the plate rotation to break out
