Bitcoin’s market continues to see significant developments, especially with record-breaking inflows into Bitcoin ETFs. Just yesterday, there was a staggering $870 million in net inflows, marking the highest daily inflow since the ETF launched. This strong demand for Bitcoin, despite its price being near an all-time high (ATH), highlights a very positive market sentiment. 
Breaking the Downtrend
Recent ETF purchases have helped break an 8-month downtrend. The recent market close showed high volume and closed above the previous peak wick area, signaling a very strong technical closure. This confirms the end of the downtrend. Additionally, the RSI (Relative Strength Index) reached a new peak and moved past resistance. However, it’s still early to definitively say the RSI resistance has broken, as further confirmation is needed. #BinanceBlockchainWeek
Overall Positive Market Indicators
Several key market metrics support the bullish outlook:
• Whale Activity: Whale transaction volume is up around 22%, a positive signal. The participation of large investors indicates solid confidence in long-term prospects. #CryptoAMA
• Funding Rates: Funding rates are at normal levels, meaning there hasn’t been a significant buildup of long positions yet, despite the price rally.
• Short Liquidations: Investors who previously profited from short positions are now more inclined to shift towards longs. This shift could encourage a stronger upward trend in the market. #USJobOpeningsDip
The Only Negative Factor: Coinbase Sales
The only notable negative indicator is the recent sales on Coinbase, totaling $220 million. However, this amount is relatively small compared to the ETF inflows, so it’s not seen as a major cause for concern.
Potential Pullbacks Following the Trend Break
After a downtrend break, it’s common to see price retests, where it pulls back to the previous resistance, now acting as support. In this case, a pullback to the $68,000 level would be considered healthy. As long as this support holds, the market outlook remains positive.
Price Targets and Potential
Based on current indicators, Bitcoin is expected to reach the $90,000 - $100,000 range in the near term. Technical indicators and strong ETF inflows support investor confidence and further upward movement in the market. #Binance
In conclusion, the high demand for Bitcoin ETFs and strong technical indicators signal that the bullish trend is likely to continue. Keep an eye on price movements and adjust your strategy as necessary for the best results.
Wishing everyone a profitable day ahead!