Bitcoin ETFs have once again surged as the price of Bitcoin reaches $120,000, signaling a resurgence in institutional confidence and optimism for further gains in the month of Uptober.
Summary
Bitcoin ETFs have seen a significant increase in inflows over the past four days, totaling $2.25 billion.
Leading the latest trading session in terms of inflows is BlackRock’s IBIT, followed by Fidelity and ARK & 21Shares.
Bitcoin’s price soared to an intraday high of $120,550 before settling around $119,912.
BTC is facing resistance at $120,550, with potential for a rally to $123,000 if a breakout occurs.
Bitcoin has once again crossed the $120,000 mark, showcasing its strength in the cryptocurrency market. The leading digital asset surged to an intraday high of $120,550 before stabilizing around $119,903. On the daily and weekly charts, Bitcoin has shown gains of 1.17% and 9.71%, respectively.
This recent price surge has been accompanied by sustained institutional interest through spot Bitcoin (BTC) ETFs. In the past four days, between September 29 and October 2, Bitcoin ETFs have recorded inflows of over $2.25 billion, highlighting a renewed confidence among investors. In the most recent trading session, inflows totaled $627.24 million.
Among the issuers, BlackRock’s IBIT led with $466.55 million in inflows, followed by Fidelity’s FBTC with $89.62 million, and ARKB with $45.18 million.
Ethereum ETFs have also seen a surge, attracting over $1.06 billion in inflows over the same four-day period. However, their daily inflow of $307.05 million was slightly lower than that of Bitcoin ETFs.
The influx of ETF investments, coupled with the upward trajectory of Bitcoin’s price, indicates growing investor optimism as Uptober gains momentum. Technical indicators suggest a strengthening market, with the RSI at 64.38, indicating increased buying pressure. The MACD histogram is widening, and the signal line remains bullish, confirming ongoing momentum.
Bitcoin currently faces resistance around $120,550, and a daily close above this level could propel it towards $123,000. Conversely, if selling pressure emerges, BTC may find support near $117,000, a crucial level where buyers have previously intervened.
As ETFs continue to attract investor capital and market sentiment improves, Bitcoin’s return to the $120,000 range signifies a significant milestone in its recovery journey. The charts reflect a positive trend, with the potential for further upside in the coming days.
In conclusion, the resurgence of Bitcoin ETFs and the price surge to $120,000 signal a renewed confidence in the cryptocurrency market, paving the way for potential gains in the month of Uptober. Investors are closely watching for further developments as Bitcoin continues its upward trajectory.