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Bitcoin's Bullish Momentum Continues Amidst ETF Inflows Surge
Bitcoin (BTC) has continued its upward trajectory, trading at $48,322.43 as of 11 a.m. KST today, Monday 12, showcasing a robust gain of 5.87%. This rally comes on the heels of significant activity in the U.S.-based spot Bitcoin exchange-traded funds (ETFs), which have seen their third-largest net inflows since their inception.
Spot Bitcoin ETFs Drive Inflows: Over $400 million was injected into spot Bitcoin ETFs last Thursday, marking one of their best days since January 17. This surge in inflows has played a pivotal role in the recent price appreciation, with Bitcoin reaching highs not seen since the launch of the ETFs.Market Sentiment: The positive momentum extends Bitcoin's winning streak to six sessions, with investor interest buoyed by the BTC-spot ETF market volume and flow data. Notably, the iShares Bitcoin Trust (IBIT) and Fidelity Wise Origin Bitcoin Fund (FBTC) have reported significant net inflows, contributing to the bullish sentiment.Technical Analysis: Bitcoin's price remains well above the 50-day and 200-day EMAs, indicating a strong bullish trend. A potential resistance level at $48,358 is in sight, with a breakthrough possibly leading to a run at the $50,500 mark.
As the crypto market reacts to the latest developments in the BTC-spot ETF sector, investors and analysts alike remain optimistic about Bitcoin's potential for further gains. The attention now turns to any upcoming news related to U.S. lawmakers, the SEC, and further ETF market activities, which could influence Bitcoin's price direction.
Given the current market dynamics and technical indicators, Bitcoin appears poised for continued growth, potentially testing the $50,000 resistance level in the near term. However, investors should remain vigilant for any signs of market correction, especially with BTC currently in overbought territory according to the RSI.
Stay tuned for more updates as we monitor Bitcoin's journey in this exciting phase of market activity.
