ETFs Pour $95.82 Million into Bitcoin: Are We Heading to $60,000?

U.Today - The cryptocurrency market's recovery was unsurprisingly followed by a wide range of inflows, starting from retail and ending with institutional investors. Various companies started pouring funds back into the market, hoping to catch a strong retrace. And they might be right.

Nine Bitcoin ETFs added 1,661 BTC, or $95.82 million in total, according to a recent update released on July 11. This inflow is a reliable sign of the market's resurgence of interest and confidence. Fidelity added 1,006 Bitcoin, or roughly $58 million, to their total holdings, which now stand at 174,437 Bitcoin, or $10 billion.

This noteworthy development underscores Fidelity's positive assessment of Bitcoin's prospects for expansion and recuperation. Conversely, the Bitcoin Trust owned by Grayscale experienced a decline of 659 BTC valued at $38 million, bringing their total holdings to 273,483 BTC, or $15.77 billion.

Even with this cutback, Grayscale continues to dominate the market, and fund rebalances frequently result in these kinds of adjustments. We can see that the price of Bitcoin is currently around $57,284 by looking at the daily chart. The 200 EMA major support level, $58,163, is the level that the price is fighting to stay above.

As immediate resistance levels, the 50 EMA and the 100 EMA are in place. In contrast, if the current support is broken, there may be more downside. A persistent move above these EMAs could indicate a bullish reversal. The fact that BTC is being actively added to Bitcoin ETFs is supportive of the general market sentiment.

This pattern indicates a generalized institutional belief in the long-term benefits of Bitcoin. Furthermore the market capitalization of all cryptocurrencies combined — Bitcoin excluded — has surpassed the noteworthy $2 trillion threshold. This stage indicates possible stability and advancement ahead and acts as a technical and psychological support zone.

This article was originally published on U.Today

Source: Investing.com