Bitcoin ETF funds continue to pour in!
After months of strong selling pressure, the Bitcoin market has finally gained something. The weakening of seller pressure and the compression of volatility are about to usher in a surprisingly larger market volatility.
On May 22, Bitcoin spot ETFs had a net inflow of 2,211 BTC, with a total value of approximately $154 million. Such a large-scale inflow of funds has injected a strong positive signal into the market.
Recently, Bitcoin has broken through multiple key moving averages, including MA10 and MA60, showing a strong upward trend. The MACD indicator shows that the DIF line and DEA line are approaching the zero axis, indicating a gradual upward momentum in the short term. The RSI indicator is currently 67.48, close to the overbought area but not yet at the extreme level, which means that the market will inevitably have room to rise. In the short term, Bitcoin is expected to continue to rise, and attention should be paid to the resistance level of $70,000. If it can break through, it will bring challenges to higher price levels. In the bull market, long-term investors can just hold their coins.
In addition, the news that Ethereum ETF is about to pass the approval, coupled with the massive inflow of Bitcoin ETF again, has made the market stronger again.
The turnover process between ETFs and traditional currency holders will take some time, and the violent bull market may not come until after the third quarter. In the long run, the current box still belongs to the mid-term bull market.
