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Bitcoin ETF inflows surge as BTC nears $65K resistance

Bitcoin ETF inflows surge as BTC nears $65K resistance

GrafaGrafa2024/09/20 07:20
By:Isaac Francis

Bitcoin (CRYPTO:BTC) continues its bullish trend, surging over 3% in the past 24 hours to briefly reach $64,082 before settling at $63,787 during early Asian trading on Friday.

This price momentum comes as fears of further market capitulation ease, bolstering investor confidence.

Alongside Bitcoin, the total cryptocurrency market cap grew by 2%, hitting $2.3 trillion.

Altcoins like Ethereum (CRYPTO:ETH) and Solana (CRYPTO:SOL) are also showing signs of recovery, with analysts suggesting a potential bullish run in the coming weeks.

One of the key drivers of Bitcoin’s price rise is the notable accumulation of Bitcoin by large holders.

Over the past month, more than 97.6k BTC have been withdrawn from centralized exchanges, particularly from Coinbase Pro and Binance.

This decline in exchange reserves aligns with rising demand from Bitcoin exchange-traded funds (ETFs), which have seen significant inflows in recent days.

According to data, U.S. spot Bitcoin ETFs saw a net cash inflow of approximately $158 million on Thursday, raising the total assets under management to $57.8 billion.

Notably, no ETF issuers reported outflows, with Fidelity’s FBTC and ARK 21Shares leading the inflow trend.

Technically, Bitcoin is approaching a critical resistance level near $64,000.

Crypto analysts suggest that if the price can consistently close above this level, it could pave the way for a further rally toward its all-time high.

However, a recent "death cross" formation between the 50-day and 200-day moving averages indicates that caution may still be warranted.

At the time of writing, the Bitcoin price was $63,750.27.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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