Bitcoin (BTC) meets massive inflows – analysis by CryptoDaily
Bitcoin (BTC) has remained under pressure despite spot Bitcoin ETFs witnessing massive inflows. BlackRock’s iShares Bitcoin Trust (IBIT) registered a staggering $224 million worth of inflows. Besides BlackRock’s IBIT, Franklin Bitcoin ETF and WisdomTree Bitcoin Fund registered $5.5 million and $5.1 million worth of inflows. However, Ark 21Shares Bitcoin ETF, Invesco Galaxy Bitcoin ETF, CoinShares Valkyrie Bitcoin Fund ETF, and Grayscale’s ETF products recorded zero net inflows on Monday. Bitwise Bitcoin ETF recorded substantial outflows totaling $16.6 million, while Fidelity Wise Origin Bitcoin Fund and VanEck Bitcoin ETF remained in the red, recording outflows of $8.3 million and $7.2 million, respectively.
However, despite positive spot Bitcoin ETF numbers, BTC has remained under pressure. The world’s premier cryptocurrency surged to a day high of $65,000 on Friday but has since dipped, with selling pressure taking the price below $63,000. The dip also caused a drop in open interest. Analysts have speculated that the noticeable drop in open interest for BTC indicates traders are pivoting towards altcoins, which have recorded a negligible dip in open interest.
Bearish sentiment prevailed on Monday as sellers took control and pushed BTC back below the 200-day SMA to $62,903, with the resistance at $65,000 proving to be a bridge too far for buyers. The current session sees BTC marginally down as bears look to extend their dominance and push BTC toward the 50-day SMA. So what next for BTC? Buyers held their ground over the weekend and prevented a drop below the 200-day SMA. However, that changed on Monday as BTC dipped below $63,000, indicating that sellers had the upper hand. For BTC to recover, buyers must ensure it stays above the 50-day SMA. If BTC dips below this level, it could drop to $60,000.
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