Key Insights:
- The Bitcoin price is hovering below the $78,000 level currently amid the BTC ETF hype.
- It’s retesting the $79,000-80,000 resistance zone amid strong institutional interest.
- Spot Bitcoin ETFs in the U.S. ramped up $223 million inflows in the last trading session.
Bitcoin price continues to climb as institutional investors show consistent interest with new BTC ETF inflows. The influx underpins positive sentiment and could potentially fuel a move towards $86,000.
Bitcoin ETF Continues 8-Day Inflow Streak
According to Farside Investors, on April 23, the U.S. spot Bitcoin ETF combined to show a net inflow of $223.3 million. The influx shows a continuing trend of consistent growth with an eight-day streak. The majority of the flow came from BlackRock’s IBIT, which saw $167.5 million in new investments.
It was followed by $71.2 million into ARK Invest’s ARKB. There were also some slight outflows, such as $16.9 million from FBTC and $7.6 million from BITB.
However, these negative flows were offset by the strong inflows.
Earlier, on Wednesday, BTC ETFs snapped up $335 million in inflows while the week begun with $238 million influx on Monday. The persistent growth in Bitcoin price is a testament to this ongoing institutional interest in BTC ETFs
These ETFs are now increasingly becoming the vehicle of choice for institutional investors to gain regulated exposure to BTC. In addition, companies like MicroStrategy, Metaplanet, and H100 are buying more Bitcoin.
Technical Standpoint of Bitcoin Price
From a technical perspective, the Bitcoin price chart suggests a recovery pattern after a major correction early this year.
Having dropped from over $100,000 to almost $60,000 in just two months, BTC price has slowly recovered. It is making higher lows and reclaiming previous levels.
The price of Bitcoin is currently trading below a resistance zone in the mid-$80,000s. Crypto analyst Michaël van de Poppe said the trend is in favor of higher Bitcoin price. “Upwards moves can last longer than you generally expect,” he wrote on X.
He also noted that “there’s a slow grind higher after a V-shaped recovery in the Nasdaq Composite.” It implies that macroeconomic factors are also helping to fuel the recovery.
Looking at the recent Bitcoin price volatility, Poppe said, “Bitcoin collapsed from $100K+ to $60K in less than 2 months.” However, the recovery has been gradual, with BTC now moving towards key resistance levels.
The chart highlights some key levels of interest for the BTC price. Bitcoin price is currently retesting the zone around $79,000-$80,000, which boasts significant liquidity. The next key level of resistance is at $86,000, which coincides with overhead supply.
“I think this leg has enough room to continue to $86K,” said Poppe. His statement suggests that the recent rally in Bitcoin price could continue. At the same time, he emphasised the need to hold support to keep the bullish trend intact.
One key support level is between $73,000 and $75,000, a level that has been maintained during recent retracements. “What’s a crucial level to hold? I think markets shouldn’t dip beneath $75K,” Poppe said. The analyst added that the trend could change if the BTC price breaks below this level.