Bitcoin (BTC) price has established a horizontal consolidation range between $84.5k and $82.3k in the past four days. The flagship coin has been attempting to regain bullish sentiment after being trapped in a bearish outlook since the second inauguration of U.S. President Donald Trump 
Donald Trump Donald Trump is an American former president politician, businessman, and media personality, who served as the 45th president of the U.S. between 2017 to 2021. Trump earned a Bachelor of science in economics from the University of Pennsylvania in 1968. Trump won the 2016 presidential election as the Republican Party nominee against Democratic Party nominee Hillary Clinton while losing the popular vote. As president, Trump ordered a travel ban on citizens from several Muslim-majority countries, diverted military funding toward building a wall on the U.S.–Mexico border, and implemented a family separation policy. Trump has remained a prominent figure in the Republican Party and is considered a likely candidate for the 2024 presidential election President which turned out to be a classic sell-the-news event.
The crowd’s fear of Bitcoin’s potential dip below $80k again is still evident as the BTC fear and greed index hovers around 34 percent. However, the lack of major FUD in the market could rekindle hope for a bullish rebound toward price discovery soon.
Bitcoin Whales Arises Amid Gold Rush
As the United States continues with its tariff war policy, more investors have been rushing to take refuge in the gold market. Consequently, gold price has rallied around 4 percent in the last five days to hit its all-time high (ATH) of about $3,017 per ounce on Tuesday, March 18, during the early European session.
With Bitcoin regarded as the digital gold by top central banks, led by the Federal Reserve, institutional investors have begun re-accumulating.
According to market data from Intotheblock, Bitcoin transactions greater than $100k have increased from 6,332 txs on March 16 to about 9,291 txs on Tuesday, March 18.
After five weeks of conservative cash outflows, the U.S. spot Bitcoin ETFs might end the losing streak. On Monday, none of the U.S. spot BTC ETF issuers recorded a net cash outflow. Fidelity’s FBTC led in a cash inflow of about $127 million, thus the net cash inflow was about $274 million.
Midterm Targets
From a technical analysis standpoint, Bitcoin price is attempting to shift its momentum to follow gold price action. However, Bitcoin’s leveraged sellers have been outweighing the buyers in the past 24 hours.
For instance, a popular Bitcoin trader has upped their short position from $400 million to nearly $520 million, with a liquidation price of about $85,565.
According to crypto analyst Ali Martinez, Bitcoin price is likely to retest $78k again after breaking down of an ascending triangle pattern in the four-hour time frame.
Credit: Source link