Bitcoin is currently testing the 200-day simple moving average, a key level for confirming its upward trend. Historically, failing to reclaim this level has led to corrections, as seen in 2020, 2018, and 2014.
Furthermore, Bitcoin ETFs have had substantial inflows: on September 19, 2024, $158 million into Bitcoin and $5.2 million into Ethereum. These inflows show increased investor interest since they follow the 0.5% interest rate drop by the Federal Reserve.
Bitcoin Testing the 200-Day SMA
Crypto analyst Ali pointed out that Bitcoin is once again testing the 200-day SMA, a crucial indicator for confirming a sustained uptrend.Â
#Bitcoin is once again testing the 200-day SMA, a critical level for confirming the bull run. Historically, failures to reclaim this support, as seen in 2020, 2018, and 2014, led to significant corrections. Watch closelyârejection here could signal trouble for $BTC! pic.twitter.com/WWJgSHSvCd
â Ali (@ali_charts) September 20, 2024
Ali noted in his tweet that earlier failures to hold this level often set off corrections, hence this is a crucial field of observation. A rejection here could indicate some negative aspects of Bitcoin.
The SMA for 200 days acts as a long-term indication; breaking above it could carry on the positive momentum. If Bitcoin falls short of this degree, though, it might suffer more losses.
ETF Inflows for Bitcoin and Ethereum
Spot On Chain reported that Bitcoin ETFs recorded $158 million in inflows, with Ethereum ETFs seeing $5.2 million. This shift occurred after the Federal Reserve cut interest rates by 0.5%, contributing to positive net flows for both assets.
Spot ETF: $158M to $BTC and $5.2M to $ETH Sep 19, 2024 The net flows for both BTC and ETH ETFs came back strongly positive, with no outflows, on the day following the #Fed's 0.5% interest rate cut.Follow @spotonchain and check out the latest updates about #Bitcoin⊠pic.twitter.com/au0v05CrGB
â Spot On Chain (@spotonchain) September 20, 2024
The inflows demonstrate increased institutional interest in Bitcoin and Ethereum, reinforcing their position in the market. The lack of outflows suggests investor confidence, particularly after the recent economic policy changes.
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Bitcoinâs Price Action
Per CoinGecko data at publication, Bitcoinâs price reached $63,646.37, backed by a daily trading volume of over $43 billion. The price has risen by nearly 10% over the past seven days, reflecting a strong market recovery. Ethereum also experienced inflows, solidifying its standing as a top altcoin.
Despite the recent rally, analyst Ali warns that Bitcoinâs price remains at a critical point. If it fails to hold above the 200-day SMA, a correction may follow, making the coming days pivotal for Bitcoinâs price trajectory.
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The post Bitcoin Price Is Testing Crucial Level For Confirming The Uptrend as BTC ETFs See Massive Inflows appeared first on CaptainAltcoin.
