Bitcoin price has completed its daily close on March 28, continuing to close above $70,700, which is significant. Asian investors are starting to wake up, and with a positive outlook in the ETF channel, the coming hours could see more buying activity. On the other hand, altcoins supported by Binance could start a new rally in April.
Current Bitcoin Situation
Despite price fluctuations, buyers remain dominant in the Bitcoin ETF channel. On March 26, ETFs saw a net inflow of $418 million and $243 million on March 27, marking a sharp turnaround. BlackRock CEO Larry Fink spoke to Fox Business, stating that the BTC ETF had a pleasant start.
Truth be told, even Fink did not expect such a turnout, and he seemed quite satisfied with the massive volumes they reached. It’s encouraging to see the world’s largest asset manager supporting Bitcoin and enjoying discussions about it. Even if Nakamoto (if he is a single person and has passed away) would be turning in his grave.
CryptoQuant, in its latest report, mentioned that Bitcoin demand surged from “40,000 Bitcoins at the beginning of 2024 to 213,000 Bitcoins” on March 26. If the demand in the ETF channel and purchases by companies like MicroStrategy continue, we could face a liquidity crisis on the sell side next year. What does this mean? Institutions may struggle to find enough sellers for Bitcoin, potentially leading to days of abnormal price increases (remember the term ‘supply shortage?’).
Of course, this scenario is defended with the caveat of not overlooking the potential downsides. Because crypto can always spring nasty surprises.
BNB Coin Price Target
If we’re talking about a price above $650, we are certainly discussing BNB Coin. Although it made a good attempt at an all-time high, it had to stop due to the fluctuations in BTC price. It is now finding buyers at $584.
The long wicks on BNB’s candlesticks for March 25 and 26 show the selling by bears at the $588 resistance. If the resistance cannot be breached, the price could fall to $546. After that, the key support at $495 will come into play. However, if the resistance is broken, the price could exceed $600 in April, surpass the final barrier at $645, and potentially reach new all-time highs around $700.
