Bitcoin bulls attempt to establish control over BTC price, a move that could benefit DOGE, TON, STX and FTM.
Bitcoin (BTC) is on target to end the week in the red, but a positive sign for the bulls is that the price has recovered from the intra-week low of about $61,000 to over $65,000. This shows that traders remain long-term bullish and are buying the dips.
CryptoQuant CEO Ki Young Ju expects inflows into spot Bitcoin exchange-traded funds (ETFs) to increase if Bitcoin nears support levels. Young Ju said the new Bitcoin whales, who purchased Bitcoin ETFs, have an on-chain cost basis of $56,000. He anticipates buying to pick up if Bitcoin’s price reaches $56,000.
Another positive sign that could support Bitcoin’s price is that outflows from the Grayscale Bitcoin Trust (GBTC) are slowing down. According to Fairside Investors data, the outflows from GBTC dropped to just $170 million on March 22. This suggests that the selling pressure could be reducing. If Bitcoin ends March above $61,130, it would be the first-ever seven-month winning streak.
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Source: https://cointelegraph.com/news/bitcoin-price-aims-for-a-bullish-weekly-open-will-doge-ton-stx-and-ftm-follow