Bitcoin Holds Strength on Eight Straight Days of Spot ETF Inflows; $80,000 Seen as Key Test
Summary
- Bitcoin (BTC) is rising on inflows into U.S. spot exchange-traded funds (ETFs), according to the report.
- Over the past eight trading sessions, spot Bitcoin ETFs recorded total net inflows of $2.1 billion, helping lift Bitcoin about 12%% from roughly $68,000 to $77,000, the report said.
- The report added that whether Bitcoin can extend its rally may depend on breaking above $80,000 and $80,100, the average cost basis for short-term holders, with a tug-of-war between buyers and sellers set to intensify in that zone.
Forecast Trend Report by Period
Bitcoin is holding onto gains as persistent inflows into U.S. spot exchange-traded funds support prices, with analysts watching whether it can break above $80,000.
CoinDesk, citing spot Bitcoin ETF data on April 24, reported that the funds drew a combined $2.1 billion of net inflows over the past eight trading sessions. That buying helped lift Bitcoin about 12% from roughly $68,000 to about $77,000, according to the report.
CoinDesk said the rally's staying power may depend on whether Bitcoin can clear $80,000. The next resistance level is $80,100, the average cost basis of short-term holders.
That level reflects the average purchase price of investors who bought within the past 155 days. If Bitcoin rises above it, a substantial number of those holders would move into profit.
Past cycles show that selling by short-term holders has repeatedly emerged around that zone, helping form local tops, CoinDesk added. That points to an intensifying battle between buyers and sellers around the $80,000 level.
Uk Jin
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