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Bitcoin Flying, BTC Bulls Target $100,000 on Surging Institutions Demand

Bitcoin is trending at around all-time highs, looking at the formation in the daily chart. After erupting to as high as $72,800 on March 11, prices remain steady. The coin is stable on the last trading day, adding 8% in the past week of trading. Even though the trading community expects more gains, price action seems muted when writing, moving horizontally in lower time frames.

Overall, Bitcoin’s metrics are decent. The coin remains dominant, as the market cap rises to $1.4 trillion, adding roughly 0.50% in the last trading day. At the same time, the average daily trading volume is up 23% to $57 billion, a net positive. 

Bitcoin daily chart for March 12

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From the news front, the crypto and Bitcoin trading community are buoyant, and there are possibly more liquidity channels opening up.

  • United Kingdom’s regulator says yes to Bitcoin and Ethereum ETNs: In a statement, the UK’s Financial Conduct Authority (FCA) removed all objections to crypto-based ETNs. Accordingly, it will be possible to list the exchange-traded notes (ETNs) and list them on the London Stock Exchange (LSE). This move has been widely received. Bitcoin and Ethereum supporters say more capital, mainly from institutions, will flow to these assets.
  • As Bitcoin soars, institutional demand for spot Bitcoin ETFs continues to soar. According to data, BlackRock’s IBIT broke records when it soared to $10 billion in AUM, the fastest of any ETF in history. As Bitcoin prices continue roaring, more capital will likely be funneled to the product.

Bitcoin Price Analysis

BTC/USD is trending higher, and bulls are in control.

From the daily chart, bars are banding along the upper BB. This development signals massive demand for the coin, buoying optimistic bulls.

Based on the candlestick arrangement, buyers can look to load on dips above $70,000, targeting all-time highs of $72,800.

A breakout above $73,000 may quickly propel BTC towards $100,000.

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Dalmas Ngetich
Dalmas Ngetich
Technical Analyst and News Reporter
Dalmas is a technical analyst and news reporter covering Forex, commodities, crypto, NFTs, blockchain, DeFi, and blockchain.
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