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- Spot Bitcoin ETFs ended six-day outflows with $240M inflows.
- BTC reclaimed $100K, holding the crucial 50-day EMA.
- Analysts suggest $98K may be a local bottom, signaling potential recovery.
After a six-day streak of net outflows, U.S.-based spot Bitcoin ETFs returned to positive territory on Thursday, posting $240 million in inflows. The previous outflow streak, which began on October 29, peaked with a $577.74 million withdrawal on Tuesday, amid a broader Bitcoin market correction.
The recent inflows signal renewed investor confidence as BTC price recovers above critical technical levels. Notably, BlackRock’s IBIT led inflows at $112.4 million, followed by Fidelity’s FBTC at $61.6 million and ARK Invest’s ARKB at $60.4 million. Bitwise’s BITB posted moderate gains, while other ETFs remained flat. Total net assets across all spot Bitcoin ETFs now stand at $135.43 billion, representing 5.42% of Bitcoin’s market cap.
BTC Price Holds at 50-Day EMA
Bitcoin rebounded to reclaim the $100,000 mark after falling to a four-month low of $98,900 on Tuesday. This recovery aligns closely with the 50-day exponential moving average (EMA), widely regarded as a critical support level. Analysts say maintaining the 50-day EMA is crucial for bullish momentum.
Crypto commentator Lark Davis described this level as “the line in the sand,” noting that closing below the 50-week SMA could complicate BTC’s recovery. Technical analyst Chad echoed the sentiment, emphasizing the importance of weekly closes above this level to maintain bullish outlooks.
Signs of a Local Bottom Forming
Rekt Capital and other analysts suggest Bitcoin may be forming a bottom around the 50-day EMA. The market’s MVRV ratio also supports the idea that $98,000 marked a temporary low, indicating potential seller exhaustion. If the BTC/USD pair continues to hold above these key EMAs, recovery toward higher levels appears likely.
The combination of renewed ETF inflows and strong technical support near $100,000 signals a potential turning point for Bitcoin. Investors will be closely watching whether BTC can maintain these levels, as holding above the 50-day EMA could mark the start of a broader recovery phase.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
Also Read: Bitcoin Year-End Forecast Slashed to $120K: Analysts Weigh Risks and Recovery
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
