Bitcoin May Shatter March 2024 Highs: $100,000 Incoming?

Bitcoin is in green following solid gains on April 8. At the time of writing, the coin is trading above important liquidation levels recorded in the second half of March. Overall, traders are upbeat, expecting buyers to confirm yesterday’s gains. If that’s the case, the coin will likely record all-time highs, above the $74,000 level.

Currently, Bitcoin is stable in the past day of trading, adding 2%. However, the coin is up 6% in the last week of trading. Notably, the total market cap is above $1.3 trillion, looking at coin trackers. At the same time, there is an uptick in trading volume by over 89% to over $39 billion. This formation points to interest, a massive boost for liquidity.

In the coming sessions, traders can look at the following Bitcoin news events:

• On-chain data from Glassnode shows that roughly 1.8 million BTC, or 9.5% of the total supply, was purchased at over $60,000. At spot levels, it means all these holders are in the green, and gains might rise should prices continue expanding.
• Institutions continue to stack BTC on behalf of their clients. According to data, Fidelity and BlackRock, two of the world’s largest spot Bitcoin ETF issuers, currently control over 400,000 BTC. The more they stack, the higher the upside momentum becomes.

Bitcoin Price Analysis

The path of least resistance is north, as seen in the price action in the daily chart.

With BTC/USD prices approaching all-time highs and within a bullish breakout formation, buyers have the upper hand.

As it is, traders can look for entries on dips, buying and targeting $74,000.

This preview will be valid if prices trend above the psychological $70,000 level and the $71,600 price.

If the gains of April 8 are reversed, the trend might shift lower.

Conversely, any uptick confirming April 8 gains might see BTC float above $74,000 to fresh all-time highs.