Record Inflows for U.S. Bitcoin ETFs
On Friday, U.S. spot Bitcoin Exchange Traded Funds (ETFs) experienced a substantial inflow of $263 million, marking the largest one-day increase since July 22. This significant surge in inflows coincided with Bitcoin surpassing the $60,000 mark, reflecting a notable 12% rise over the past week.
Fidelity’s Bitcoin ETF Takes the Lead
Leading the pack was Fidelity’s Bitcoin ETF (FBTC), which attracted approximately $12 million in new investments. This influx boosted its total weekly inflows to remarkable levels following two consecutive weeks of negative performance and outflows. Other Bitcoin ETFs, such as ARK Invest and 21Shares’ Bitcoin ETF (ARCB), also enjoyed substantial inflows, ending the day with around $99 million in net gains.
Overall Cryptocurrency Market Gains
The broader cryptocurrency market mirrored Bitcoin’s positive trend, with its price rising from $54,600 at the start of the week to over $60,600 by Friday. Market speculation suggests that this recent surge in Bitcoin and other cryptocurrencies could be driven by expectations of an impending interest rate cut by the U.S. Federal Reserve.
Bitcoin Price Prediction: What to Expect This Week?
According to Josh, an analyst at Crypto World, Bitcoin continues to exhibit a short-term bullish trend despite being part of a larger bearish trend. Over the past day, there has been no significant shift in the overall trend, as Bitcoin continues to form lower highs and lower lows on more extended timeframes. However, on shorter timeframes, Bitcoin has shown a temporary bullish trend that has persisted for nearly a week.
Critical Resistance Levels
Currently, Bitcoin is approaching a critical resistance level between $60.2k and $61.2k. The analyst noted that after Bitcoin broke above $57,000 and confirmed this as a support level, the bullish sentiment intensified, pushing the price towards higher resistance levels. The price faced only minor resistance at $59.5k before advancing to the current resistance zone, where it is now encountering some struggle.
Future Price Movements
If Bitcoin manages to break above $61.2k, the next resistance levels lie at $63k and $64.5k, according to the volume profile indicator. On smaller timeframes, Bitcoin has invalidated a previously expected bearish divergence, continuing its bullish momentum sooner than anticipated.
As the cryptocurrency market remains dynamic, investors and analysts alike are keenly observing these trends to make informed decisions. The coming days will be crucial in determining whether Bitcoin can sustain its bullish momentum or if it will face new challenges.
