Crypto Price Prediction: Spot BTC ETF Outflows Trigger Correction, Bitcoin and Ethereum Record Losses
The cryptocurrency market experienced a notable correction during the weekdays as a result of selling pressure from Spot BTC ETFs, leading to an outflow of $888 million from the 10 ETFs. This correction caused leading assets like Bitcoin and Ethereum to record weekly losses of 5% and 8% respectively. However, the weekend saw an ease in supply pressure, resulting in uncertain sideways action in the majority of major assets.
If the downward trend observed in spot ETFs continues in the upcoming week, the price of Bitcoin (BTC) may extend its correction below $60,000, potentially intensifying selling pressure throughout the market.
Bitcoin, the decentralized digital currency, has been experiencing a correction, with the price dropping from $73,808 to $65,067 within two weeks. The market capitalization of Bitcoin is around $1.27 trillion, with a 24-hour trading volume of $23.25 billion. A breakout from the overhead trend could lead to a rally to $69,000 and $73,800.
Dogecoin (DOGE), created as a joke in 2013, has seen its price trade at $0.17, with an intraday gain of 6.5% over the last 24 hours. The market capitalization of Dogecoin is around $24.7 billion, with a trading volume of $2.94 billion. A bullish breakout from a pennant pattern formation could see the price surpass $0.20 and hit $0.26.
Toncoin (TON), a high-performance multi-blockchain platform, showed a notable swing this week with its price rallying from $3.3 to $4.8, registering 45.8% growth. The altcoin is currently facing overhead supply at $5.14, with potential support at $4.6. Sustaining this breakout could lead to targets of $5.6 and $6.6.
Overall, the near-term trend in the crypto market is bearish, with Bitcoin experiencing buying interest at the key psychological level of $60,000. However, potential buyers should wait for confirmation of recovery as withdrawals from Spot ETFs continue to support the ongoing decline.
The market remains volatile, and investors are advised to do their own research before investing in cryptocurrencies. The author or publication does not hold any responsibility for personal financial loss.
Source: [Coingape](https://coingape.com/markets/crypto-price-prediction-march-24-btc-ton-up-doge-7/)
