Spot Bitcoin ETFs pulled in $53 million in a single day this week, pushing monthly inflows past $1.16 billion — a sharp reversal after four straight months of outflows that drained more than $6 billion from those same funds.
ETF Inflows Signal A Shift In Investor BehaviorThe Relative Strength Index has climbed from an extreme low of 15 in January to 56, and the Supertrend indicator has flipped from bearish to bullish on the daily chart.
The picture shifted slightly Friday after a cooler-than-expected PCE inflation reading and a modest pullback in oil prices, following reports that the US waived sanctions allowing certain companies to purchase Russian oil. Bitcoin rose on that news.
Technical Picture Points To Key Levels AheadOn the chart, Bitcoin is attempting to reclaim its 50-day Exponential Moving Average as support rather than resistance. The Percentage Price Oscillator is approaching a bullish crossover of the zero line, which traders watch closely as a momentum signal.
Analysts say the next test for Bitcoin bulls will be whether the coin can hold above $70,000 heading into next week. If buying pressure continues to build, the psychological barriers at $80,000 and $90,000 become the next milestones on the road to a possible six-figure price.
Whether that happens by year’s end remains an open question — one that prediction markets, at least, are no longer dismissing.
Featured image from Unsplash, chart from TradingView
