Bitcoin’s bullish momentum has once again captured the market’s attention as it makes new record high above 72k mark today. This surge follows the UK Financial Conduct Authority decision to greenlight the creation of cryptocurrency debt instruments on financial exchanges, albeit limited to professional investors.
In addition to regulatory developments, investment flows into ETFs continue to demonstrate strong market interest. Despite slight deceleration, the 10 largest US spot Bitcoin ETFs attracted almost USD 2B in capital for the week ending March 8, according to LSEG data. This continued influx of institutional money into Bitcoin products highlights the growing confidence and interest from investors seeking exposure to digital assets.
Technically, current rally in Bitcoin is expected to target 161.8% projection of 24896 to 49020 from 38496 at 77572 first. Firm break there will target 200% projection at 86798 next. Meanwhile, break of 67095 support will indicate short term topping and bring consolidations first, before staging another rise.
