Bitcoin’s subtle rally to $61,425 signals a potentially stabilizing market. As Bitcoin ETFs like Grayscale and Bitwise see renewed inflows, totaling $11.54 million recently, optimism grows.Recent developments, such as the influx of institutional funds and economic cues affecting digital assets, are what fuel Bitcoin price predictions.
The cryptocurrency market continues to evolve, with Bitcoin spot Exchange Traded Funds (ETFs) experiencing a significant uptick in investor activity. On May 8, these ETFs collectively saw an influx of $11.54 million, pointing to a renewed vigour in capital flows and investor interest within this sector. On May 8, #Bitcoin spot ETFs saw a total net inflow of $11.54 million.Grayscale’s ETF $GBTC had no inflows or outflows, while Bitwise’s ETF $BITB experienced a single-day net inflow of $11.54 million.The total net asset value of $BTC spot ETFs stands at $51.50 billion. pic.twitter.com/JNWLFtMyPQ— Kyledoops (@kyledoops) May 9, 2024Bitwise’s Bitcoin ETF gained $11.54 million in net inflows, indicating its growing appeal and investor trust. Grayscale’s Bitcoin Investment Trust reported a neutral flow, indicating a stable holding pattern among its investors.The overall net asset value (NAV) of Bitcoin spot ETFs now stands impressively at $51.50 billion. This substantial figure not only highlights the robustness of the market but also underscores the increasing trust and adoption of digital assets among both institutional and retail investors.
Today, Bitcoin (BTC/USD) exhibited a modest uptick, gaining around 0.50% to trade at $61,425 on the 4-hour chart. Technical outlook signals a bullish bitcoin price prediction as the pivot point stands at $61,000. Above this level, Bitcoin faces immediate resistance at $62,865, with further hurdles at $64,360 and $66,760.On the downside, support is first found at $59,150, with additional layers at $57,000 and $54,675. These levels could cushion potential pullbacks if bearish momentum intensifies.Technical indicators show the Relative Strength Index (RSI) at 40, suggesting the market is neither oversold nor overbought. The 50-day Exponential Moving Average (EMA) is currently at $62,420, just above the recent price, indicating some resistance near this average.Bitcoin’s market stance is optimistic above $61,000. But, a drop below this might trigger selling and shift the bias to bearish. Investors should keep an eye on these levels for potential price movements in BTC/USD.
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