The post Bitcoin Price Climbs Above $59k: Institutional Activity And ETF Inflows Hint At Trend Reversal appeared first on Coinpedia Fintech News
The current Bitcoin market is showing signs of potential movement, as recent price action confirms a bullish divergence. Meanwhile, the German government continues to offload Bitcoin into the market, while notable entities like Black Rock are actively accumulating new Bitcoin holdings. According to analyst Josh of Crypto World, Bitcoin charts have shown minimal changes recently and while current indicators suggest a temporary relief in the short term, a broader trend reversal would require additional confirmation signals.
Interestingly, he also pointed out that despite the German government’s sell-off, there has been good buying activity from institutional investors like BlackRock, who have been acquiring large amounts of Bitcoin to back their newly launched ETFs.
Specifically, BlackRock’s Spot Bitcoin ETF saw a significant inflow of approximately $187 million, contributing to a net inflow of nearly $300 million across various ETFs on Monday. This influx of institutional capital has helped offset some of the downward pressure caused by governmental sales.
Bitcoin Price Targets And Key Levels:
The price remains relatively neutral, with no major new signals. However, on the daily chart, there’s a slight bounce observed recently, albeit with mostly neutral price action. The daily Bitcoin chart now confirms a new bullish divergence, marked by a lower low and a subsequent green candle close. While bullish divergences often lead to choppy sideways movements or slight bullish relief, they alone aren’t conclusive of a broader bullish trend reversal.
Key support and resistance levels remain critical. Bitcoin has reclaimed support around $56,000-$57,500, with $56,000 being a particularly crucial support level. Resistance levels include $60,000-$61,000, $63,000-$64,000, $67,000-$68,000, and $72,000-$74,000. Despite a short-term bearish trend, a possible short-term relief or breakout could occur this week.
A double-bottom pattern is also forming, with a neckline around $58,400. A breakout above this level could signal bullish momentum, potentially targeting around $62,000. However, confirmation is necessary before setting active price targets.
