Bitcoin (BTC) kicked off the week on a good note, touching daily high of $88,804 as bullish momentum continued to carry the market higher. The Coinbase premium is returning with a vengeance. Simultaneously, strong net inflows into (spot) Bitcoin ETFs indicate that investor sentiment is booming. This bullish trend has fueled optimism and speculation on if Bitcoin can indeed cross significant resistance levels and make its way up to $100,000.
According to SoSoValue, net inflows for US spot Bitcoin ETFs have reached $84.17 million so far. This increase is a clear sign of the return of spot demand to the market. The Coinbase premium is back from the dead! This metric, which measures the price premium for BTC on Coinbase Pro relative to Binance, underscores increasing bullish sentiment in the market.
On March 24, the market continued to build momentum. This shot in the arm came after signals by former US President Donald Trump that his proposed April 2 tariff announcement would be scaled back from what many feared.
The White House’s decision to walk back the threat of broad tariffs and to deploy a more targeted approach suggests Trump is wary of an economic backlash. - Ben Yorke, vice president of ecosystem at WOO
Despite the recent rally, Bitcoin continues to trade below the range that defined its price action from November 2024 to February 2025. Notably, the price is trading above both the 20-day and 200-day moving averages. However, it faces growing headwinds from a downward sloping trendline that corresponds to the 50-day moving average, which is located near $89,500 – $90,000.
In a WOO, vice president of ecosystem Ben Yorke identified one key price corridor that’s worth focusing on. In the short term, he thinks that $90,000-$92,000 range will be key to watch.
According to independent market analyst Scott Melker, Bitcoin’s 4-hour relative strength index (RSI) indicator has flashed a
clear bullish trend, with a series of higher lows and higher highs. - Scott Melker, independent market analyst
Over the past several weeks, sellers have exerted immense pressure on the market. Speculators have spread a perpetual futures inspired trade to play price action inside the new range. The return of spot demand means the tide might be turning in market dynamics.
