BTC has gained a massive bullish momentum after it broke the $52,000 and $53,000 resistance levels. There was also a spike above the $57,000 resistance zone. Bitcoin is now trading above $60,000 and the 100 hourly SMA. Immediate resistance is near the $60,800 level. The next key resistance could be $61,600. BTC has also broken above the 7W supertrend.
The recent inflows in BTC ETFs over the last week are a testament to the demand that these products are getting noticed by retail investors. With institutional investors gaining more exposure to BTC, demand is expected to rise, especially as the BTC price continues to do well.
The inflow volumes, while not the largest single-day inflows so far, are significant when measured up to others. For example, the daily record was from Blackrock's $IBIT, when it hit $520M of inflows yesterday. It is the highest inflow on any single trading day, and even greater than the $493M that was brought in on launch day. As the most anticipated BTC halving is near, we can expect the prices to extend a massive rally in the near time.
As of now, at the time of writing this article, BTC is trading at around $60,400 with a market capitalization of $1.18T and has gained 6.4% in the last 24 hours and 16.7% over the last week. The Fear and Greed Index has also hit 80, the highest since Nov 2021.