Bitcoin Approaches $78,000 Resistance Amid Strong ETF Inflows
Bitcoin Tested $78,000 Resistance On $996M ETF Week: Breakout Coming This Week?
Benzinga
Image: Benzinga
Bitcoin (BTC) is nearing the $78,000 resistance level after experiencing significant inflows of $996.4 million in spot exchange-traded funds (ETFs) last week. Institutional investors are optimistic about a potential breakout, influenced by geopolitical factors and improving retail demand.
- 01Bitcoin ETFs saw inflows of $996.4 million last week, the highest since January.
- 02BlackRock's IBIT led with $906 million in inflows, while Morgan Stanley's MSBT gained $71 million.
- 03A ceasefire between the U.S. and Iran is affecting Bitcoin ETF investments.
- 04Bitcoin is testing the $78,390 resistance level, with potential to reach $80,000.
- 05Key support levels are identified at $74,017, $71,000, and $68,832.
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Bitcoin (BTC) is testing the crucial resistance level of $78,390 after a significant week for spot exchange-traded funds (ETFs), which recorded $996.4 million in net inflows, marking the largest weekly total since mid-January. BlackRock's IBIT led the inflows with $906 million, while Morgan Stanley's MSBT contributed $71 million in its first full trading week since its launch on April 8. Over the past three weeks, these funds have attracted more than $1.8 billion in total inflows. Institutional investors are optimistic about a potential de-escalation in tensions between the U.S. and Iran, which may be influencing their long positions on Bitcoin ETFs. The U.S. and Iran's ceasefire agreement is set to expire soon, adding to the geopolitical context affecting market sentiment. Bitcoin's price is currently pressing against the $78,390 resistance level, with technical indicators suggesting that a breakout above this point could lead to a surge towards $80,000. Key support levels are identified at $74,017, $71,000, and $68,832.
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The rising interest in Bitcoin ETFs could lead to increased market activity and investment opportunities for retail and institutional investors.
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