Altcoins
3 Reasons Why Bitcoin Price Is Rising Today — TradingView News
Bitcoin BTCUSD the price rallied above $70,000 for the first time in a week, recovering from the streak of negative flows into BTC spot exchange-traded funds (ETFs) last week.
Data from Cointelegraph Markets Pro and TradingView shows that the BTC price rose from an open of $67,212 to an intraday high of $70,306 on March 25. At press time, BTC was trading at $70,268, up 7.5% in the last 24 hours. 
Bitcon’s rally follows a period of price decline that saw the cryptocurrency fall as low as $60,771, corroborated by negative ETF inflows. Could the surge in several BTC price metrics be a sign of things to come?
Weekly outflows to spot Bitcoin ETFs totaled $904 million
Last week “marked the end of a 7-week cycle” of inflows into crypto investment products, with investors withdrawing more than $942 million, according to a March 25 report from CoinShares.
The report notes that last week marked “the first capital outflow after a record 7-week run of inflows totaling $12.3 billion.”
The crypto asset management firm attributed the significant outflows to the recent decline in crypto prices, which “wiped US$10 billion from total assets under management (AuM) but remains above cycle highs previous to 88 billion US dollars.
CoinShares analyst James Butterfill said:
“We believe the recent price correction has caused investor hesitancy, resulting in significantly lower flows to new ETF issuers in the US, which saw inflows of $1.1 billion , partly offsetting large outflows of $2 billion from incumbent Grayscale last week.”
The bad sentiment was primarily focused on Bitcoin, which accounted for “96% of flows” totaling $904 million, “while short-bitcoin also saw minor outflows totaling $3.7 million.”
Bloomberg analyst James Seyffart said the large outflows seen last week in spot Bitcoin ETFs were likely due to the sale of GBTC shares by bankrupt lender Genesis.
Spike in Bitcoin Age Consumed Metric
Bitcoin has recently seen a notable increase in its consumed age metric over the past few days. According to data from market intelligence firm Santiment, the number of dormant BTC addresses moving BTC jumped to 162.89 million on March 23, the highest in more than two years. 
Consumed age is a metric that tracks the movement of previously unused BTC coins. The metric shows the number of BTC changing addresses daily multiplied by the number of days since they moved. Spikes signal a potential increase in price volatility.
This peak in consumed age suggests that previously dormant addresses holding Bitcoin are now returning to circulation, indicating a resumption of network activity. This was demonstrated by an increase in trading volume, as shown in the chart below.
As Bitcoin’s consumed age metric increases, trading volume increases, a precursor to possible price increases in the BTC price.
Is an altcoin season coming?
The CoinShares report noted that altcoins “performed well” last week, “recording net inflows of US$16 million.” The most notable were Polkadot (DOT) with inflows of $5 million, Avalanche (AVAX) with $2.9 million, and Litecoin (LTC) with $2 million.
Thus, a number of large-cap altcoins have outperformed Bitcoin over the past week. They were led by BNB Chains, Dogecoin (DOGE) and Toncoin (TON, which produced gains of 7%, 20% and 46% over the past seven days, according to CoinMarketCap data.
Although Bitcoin is only up 4.5% over the same period, it has outperformed most altcoins over the same period, including Ethereum.
At press time, the total crypto market stood at $1.191 trillion, 43% below the high of $1.707 reached in November 2021. 
The weekly Relative Strength Index sits in the overbought zone at 83, suggesting that the altcoin market is still bullish.
Independent analyst and a test of support at $960 billion.
“For the moment, we are operating in the mid-range. Resistance 1.25T, supports 960 billion dollars.
Adding to this, popular analyst Sheldon The Sniper said, “A BTC squeeze and decline in dominance will create a MEGA altcoin squeeze and rally,” adding that the market is “one step closer to a true altseason “.
However, data from CoinMarketCap shows that BTC still dominates the market at 51.77%. Additionally, the Blockchain Center’s Altcoin Season Index fell to 49, meaning the altcoin season is not here yet.
Blockchain Center claims that an altcoin season can only be declared when “75% of the top 50 coins performed better than Bitcoin over the last season (90 days).”
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research before making a decision.