Spot Bitcoin ETFs are on fire lately, raking in $300 million yesterday alone. That was the seventh day in a row of net inflows. Investors are clearly loving these ETFs, buying in both good and bad market conditions.
Bitcoin ETFs are having a good time
According to Farside Investors, lifetime net inflows into the US-based spot Bitcoin ETFs have now topped $16 billion. Most of this cash is flowing into BlackRock’s iShares Bitcoin Trust (IBIT), which bagged $117.2 million.
With $18.4 billion in assets under management (AUM), IBIT is closing in on the $20 billion mark. Fidelity’s Wise Origin Bitcoin Fund (FBTC) isn’t far behind, sitting close to the $10 billion AUM mark.
Source: Farside
Bitcoin itself is on a roll. The price recently bounced back hard from the mid-$50K range, where it had been stuck for a while.
This bounce comes after Germany sold 50,000 BTC and the Mt. Gox repayments shook things up. BTC’s current price is around $64,667.07. This rebound has been a key driver behind the strong inflows into Bitcoin ETFs.
BTC makes a comeback
Bitcoin’s price recovery is supported by technical indicators. The price is above all major moving averages – the 50-period (MA50), 100-period (MA100), and 200-period (MA200).
Specifically, the MA50 is at $63,971, the MA100 at $63,799, and the MA200 at $60,848. When the price is above these levels, it is a strong bullish sign.
The Ichimoku Cloud also shows a bull dominance. Bitcoin’s price is above the cloud. The baseline and conversion line are providing support. This setup means that it’s highly likely the price would keep rising.
Source: TradingView
The RSI is sitting at 59.78. It’s not yet in the overbought zonE, so there’s still room for the price to climb higher. This RSI level shows strong buying momentum but not too much, meaning there’s potential for more gains before a correction. Maybe.
The MACD is looking good too. Its line is above the signal line (246.82 vs. 155.52), with a bullish value of 91.31. This crossover is another bullish signal triggered by buying pressure.
The price could potentially reach higher resistance levels, with immediate targets around $65,000 to $67,000 if the buying pressure continues.
