Bulls wasted no time gaining momentum as international markets opened on Monday morning, propelling Bitcoin well beyond the $70,000 mark in Asian markets and driving it to an unprecedented opening price of $72,270 when the NYSE kicked off trading.

The Wall Street bulls carried the torch further, pushing Bitcoin just shy of $73,000 and marking the first daily candle close above the psychological $70,000 barrier, previously defended by bears the week before. With this significant daily close, Bitcoin notched records for both the highest daily closing price and the highest weekly close, ending the week just above $69,000 on Coinbase.

As March reaches its midpoint, Bitcoin bulls now set their sights on achieving the highest monthly close on record, a feat attainable if Bitcoin closes March above $61,343, its previous ATH monthly close in October 2021.

Buyers maintained dominance throughout the week, driving Bitcoin to higher highs and higher lows, consecutively surpassing previous day’s highs. Tuesday saw Bitcoin hitting an intraday peak of $73,028, followed by $73,709 on Wednesday, before surging to $73,836 early Thursday during the Asian session.

However, momentum shifted towards bears thereafter, as they seized control during the NYSE session, pushing the price down to a daily low of $66,729 — a staggering 9.5% drop or $7,000 from high to low in a single day. Asian session traders continued the selling pressure, driving Bitcoin down to $65,565, resulting in an $8,300 intra-week range from the high of $73,709 to the low of $65,565.

Despite several attempts by buyers to push Bitcoin back over $70,000, each effort was met with overwhelming sell pressure, evident in the disparity between sell and buy volumes as illustrated in the chart above, possibly indicating the involvement of larger institutional players selling Bitcoin at these elevated levels.

ETF Flows Update

Overall, ETF inflows continued to rise during the week, reaching $58 billion in net assets, with Tuesday peaking at $60.96 billion before experiencing a notable 5% decline to $58 billion by Thursday, potentially contributing to Bitcoin’s price decrease during the same period.

Another noteworthy metric is the year-to-date ETF flows across various asset classes. Spot Bitcoin (Ex. GBTC) significantly outpaces flows in other assets like the tech sector, treasuries, bonds, emerging market equities, and commodities like gold, signaling robust institutional demand for Bitcoin relative to other asset classes.

Bitcoin Weekly Chart

While the past week showcased intense day-to-day volatility in Bitcoin, including double-digit percentage drops, it’s crucial to zoom out to higher time frames for a clearer perspective.

On the weekly timeframe, Bitcoin trades above previous weekly highs, with the current weekly candle forming a doji candlestick pattern, indicating minimal difference between the weekly and opening prices, along with significant upper and lower wicks — a sign of market indecision and a struggle between buyers and sellers.

Despite this technical indecision, assets typically adhere to the prevailing trend, which has predominantly been upward over the past six months for the bitcoin market.

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