Bitcoin Price Prediction as U.S. Spot ETFs Attract $66M – Are Whales Buying Again

  • May 14, 2024
  • 0

Bitcoin Price Prediction

Bitcoin is currently trading at $61,500, with a 24-hour trading volume of $28.28 billion. The cryptocurrency has dropped about 2.25% in the past day. Ranked first on Cryptonews, Bitcoin boasts a market cap of $1.21 trillion, with a circulating supply of 19,698,325 BTC and a maximum supply of 21,000,000 BTC.

The U.S. Spot Bitcoin ETF market has seen a significant $66 million inflow, marking a reversal from the outflow trend observed over the past two days. This surge is led by Fidelity’s FBTC, highlighting renewed investor interest in cryptocurrency-backed exchange-traded funds. Additionally, this influx coincides with a recovery in Bitcoin’s price.

Fidelity’s FBTC Leads Bitcoin Inflow Surge

Bitcoin ETFs saw a significant turnaround, with a $66 million net inflow after two days of outflows, according to Farside Investors. Leading this recovery is Fidelity’s FBTC, which attracted $38.6 million in inflows, followed by Bitwise Bitcoin ETF BITB with $20.3 million.

This influx demonstrates renewed trader confidence in Bitcoin ETFs, coinciding with Bitcoin’s recent surge past the $63,000 mark. The rise in inflows also suggests a growing appetite for cryptocurrency investments amid overall market volatility.

Key Points:

Net inflow of $66 million on May 13, reversing two days of outflows.
Fidelity’s FBTC led with $38.6 million, followed by Bitwise Bitcoin ETF BITB with $20.3 million.
No outflows were reported, but seven out of ten US Bitcoin ETFs, including Grayscale and BlackRock, reported zero flows.

Over the last 30 trading days, the ten Bitcoin ETFs experienced a net outflow of $297 million, with outflows on 17 of those days. The recent $66 million inflow signals renewed bullish sentiment, particularly with Fidelity’s FBTC capturing the majority of the new investments.

This trend highlights the ongoing interest in Bitcoin ETFs, reflecting investors’ shifting strategies and confidence levels.

Bitcoin Price Prediction

Bitcoin‘s 4-hour chart shows that BTC is hovering around a pivot point of $61,450, signaling slightly bullish Bitcoin price prediction. This level is crucial as it may determine the next major price movement. The symmetrical triangle pattern around this pivot point indicates potential volatility, suggesting that Bitcoin could break out in either direction.

On the downside, immediate support is found at $60,185. Should Bitcoin break below this level, it could target the next support levels at $58,550 and $56,645, indicating areas where buyers might step in to halt further declines.

The Relative Strength Index (RSI) is at 47, indicating neutral momentum in the market. The 50-day Exponential Moving Average (EMA) is at $61,975, which currently exerts slight downward pressure on the price.

Bitcoin Price Prediction – Source: Tradingview

Conclusion: Bitcoin remains cautiously bullish above the $61,450 pivot point. If it breaks below this level, it could lead to a sharp decline towards $60,185, $58,550, and possibly $56,645.

Conversely, a breakout above $63,250 could drive the price towards $65,500 and $67,222. Traders should closely monitor these key levels for potential market moves.

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The post Bitcoin Price Prediction as U.S. Spot ETFs Attract $66M – Are Whales Buying Again appeared first on Cryptonews.

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