Bitcoin Eyes $100K Amid ETF Inflows and Demand
Key Takeaways
- Bitcoin (BTC) is currently fluctuating between USD 92,000 and USD 94,000.
- Strong demand from institutional investors and spot ETFs is supporting the price.
- Whale activity and futures volume suggest potential price gains.
- A consolidation phase could soon transition into a new upward rally.
Market Shows Bullish Tendencies
In recent days, Bitcoin has attempted to break through the USD 94,000 mark sustainably – so far without success. Nevertheless, the market is showing clear signs of a possible continuation of the upward trend. Demand from so-called “whales” (large investors) has increased significantly, while activity from retail investors is declining. This indicates a shift toward institutional buyers.
At the same time, inflows into spot ETFs (exchange-traded funds that hold Bitcoin directly) are rising sharply. In just one day, nearly 12,000 BTC were transferred into ETFs – a record since November and far above the yearly average of 23 BTC per day.
Technical Indicators Support Bullish Scenario
A look at the technical metrics shows that capital inflow into the market remains high. The Chaikin Money Flow (CMF) stands at +0.29 – a sign of strong buying power. The On-Balance Volume (OBV), which measures volume on rising and falling prices, is also trending upward. The Relative Strength Index (RSI) has recently weakened slightly, suggesting a short-term consolidation.
This consolidation could continue in the range between USD 92,000 and USD 94,000. This range represents an important support and resistance level that already played a role earlier this year.
Futures Market as a Leading Indicator
According to data from CryptoQuant, approximately USD 1.05 trillion was traded on the Binance futures market in April – the highest monthly value since January. This shows that market participants remain highly interested. Particularly relevant is the so-called “liquidation heatmap,” which shows where many short positions (bets on falling prices) are located.
A similar situation in April led to a short squeeze – many traders had to close their positions, which further drove the price upward. Currently, liquidity is once again building up around the USD 96,000 level. If the price reaches this area, another surge could follow, pushing BTC toward the psychological mark of USD 100,000 – or even beyond to around USD 103,000.
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Spot ETFs Strengthen Confidence
The increasing capital inflows into spot ETFs are a strong signal of institutional investor confidence. These funds purchase physical Bitcoin, which has a direct impact on the supply-demand balance. The more capital flows into ETFs, the more BTC is taken off the market – which can support the price.
Our Assessment
The current market situation points to a continuation of Bitcoin’s upward trend. While a sideways movement is expected in the short term, the fundamentals and technical indicators suggest further price gains. In particular, strong demand from ETFs and large investors, as well as high trading volume in the futures market, indicate that a breakout above USD 100,000 is possible – provided the consolidation remains stable.
Active traders should closely monitor the coming days. A breakout above USD 96,000 could be a signal for the next upward rally.
Sources
- CryptoQuant
- Coinglass
- TradingView
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