Bitcoin's performance this week and predictions
According to IntoTheBlock, institutional investors demanded roughly $13 million in Bitcoin a week.
Through Coinbase Prime, the US government shifted $600 million in Bitcoin for safekeeping, not sale.
Bitcoin stays around $60,000 on Sunday, down about 2% after seven days.
BTC might rise 12% to $67,000, a critical barrier.
Bitcoin (BTC) is near psychological support around $60,000 on August 18. In the week, Bitcoin ETFs netted roughly $13 million, according to IntoTheBlock.
ETF inflows indicate institutional investor appetite, which may boost Bitcoin.
Bitcoin may rise for these reasons.
Last week, BTC fees hit an annual low for the third week as crypto markets stabilized after the market crisis. IntoTheBlock reports $418 million in crypto exchange net inflows, including the US government payment to Coinbase Prime.
The US government transferred to Coinbase Prime via an official relationship, not to sell. BTC's price decrease didn't stop institutional investors from investing $13 million in ETFs, according to IntoTheBlock analysts.
BTC might gain 12% more.
Bitcoin is at important psychological level $60,000. BTC might rise over 12% to the Fair Value Gap (FVG) at $67,000. At $61,388, the 50% Fibonacci retracement of the drop from the March 14 peak of $73,777 to the August 5 low of $49,000, the biggest asset by market capitalization confronts resistance
Bitcoin price momentum is positive according to the MACD indicator.
Bitcoin may capture liquidity at the Fair Value Gap between $50,368 and $51,300.
