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The Bitcoin price is up 1.7% in the last 24 hours to trade for $41,570 as of 10:45 p.m. EST time, with a 7% drop in trading volume.
In the meantime, Fidelity has become the second spot BTC exchange-traded fund (ETF) issuer to hit $1 billion in inflows.
Bitcoin Spot ETF Total Flow Data After 5 Days ($m)
1. Blackrock +$1,231m
2. Fidelity +$1,062m
3. Bitwise +$396m
…
11. Grayscale -$2,200mGRAND TOTAL +$1,160m pic.twitter.com/0TwHOtFPIf
— BitMEX Research (@BitMEXResearch) January 19, 2024
With BlackRock’s IBIT being the first, Fidelity’s FBTC hit more than $1 billion worth of inflows after five days of trading, data from BitMEX Research shows. The research also reveals that while flows for most of the ETFs were either flat or positive on Thursday, they did not beat the $579.6 million worth of outflows from Grayscale’s GBTC, which eclipsed the total inflows that the other funds recorded.
Meanwhile, the total net flows from the first five days of trading for the new US spot BTC ETFs now stand at nearly $1.2 billion
Bitcoin Price Outlook As Spot BTC ETFs Inflows Grow
The Bitcoin price lost the support due to the ascending parallel channel during the January 12 crash. It has been trying to reclaim it since. Nevertheless, it continues to suffer overhead pressure due to the 25- and 50-day Exponential Moving Average (EMA) at $43,036 and $42,082 levels respectively.
The position of the Relative Strength Index (RSI) below the 50-midline points to weak price strength. This is accentuated by the Moving Average Convergence Divergence (MACD) indicator, which continues to move below the signal line (orange band), showing the odds favor the downside.
Enhanced seller momentum could see the Bitcoin price lose immediate support due to the $40,726 support. An extended fall could send the BTC price to the 100-day EMA at $39,221. In the dire case, the king of cryptocurrency could descend to the $37,800 level, standing almost 10% below current levels.
However, for the big picture bullish outlook to be invalidated, the Bitcoin price must extend the fall to break and close below the $30,000 psychological level. This would denote a 30% drop below current levels.
TradingView: BTC/USDT 1-day chart
Converse Case
On the flipside, if investors capitalize on the correction to buy the dip, the Bitcoin price could push north to reclaim the support offered by the lower boundary of the channel. This could see the $43,750 midline of the channel back into support, providing the jumping-off point for BTC to target the $48,000 psychological level.
In a highly bullish case, the Bitcoin price could extend the climb, going as high as the $50,000 psychological level, last tested in December 2021. This would represent a 20% climb above current levels.
With the BTC community now looking ahead for the halving event expected in April, around 108 days away, BTCMTX is the main focus.
The halving event could kickstart the next bull cycle, and enlightened investors want a piece of the cake. The BTCMTX token is available for pre-launch purchase, going for low rates that will never be seen again, and it is among the top three presales to buy now for 2024, according to Jacob Bury.
Promising Alternative To Bitcoin
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#BitcoinMinetrix achieves yet another milestone, raising over $8,800,000! 🚀 pic.twitter.com/eHGCvK020O
— Bitcoinminetrix (@bitcoinminetrix) January 19, 2024
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Also Read:
New Crypto Mining Platform – Bitcoin Minetrix
- Audited By Coinsult
- Decentralized, Secure Cloud Mining
- Earn Free Bitcoin Daily
- Native Token On Presale Now – BTCMTX
- Staking Rewards – Over 100% APY
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