Bitcoin’s Late-March ETF Rescue Masks a Deeper US Demand Problem
BeInCrypto
A late-March ETF inflow reversal temporarily stabilized Bitcoin's price, but underlying US demand remains weak, indicated by a falling Coinbase Premium.Summary
Bitcoin’s price around $67,900 was bolstered by a late-March recovery in ETF inflows, preventing a third consecutive technical breakdown. However, this rescue may be temporary, as the Coinbase Premium Index shows decreasing US investor demand, reaching its lowest point year-to-date. While ETF products saw $1.2 billion in net inflows for March, the late-month reversal was crucial after a period of outflows. A hidden bearish divergence on the RSI also suggests potential for further declines. The critical price level to watch is $68,130; surpassing it could lead to gains towards $70,090 and $73,280, while falling below the 20-period EMA at $67,730 could trigger a drop to $64,950, invalidating the current ascending channel.
(Source：BeInCrypto)