Bitcoin ETFs have recorded their second-highest day of inflows, with a total net inflow of $1.19 billion on October 6th, according to data from Sosovalue. This significant influx of investment into Bitcoin exchange-traded funds (ETFs) underscores the growing interest of institutional investors in the flagship cryptocurrency, particularly following its recent price surge to a new high on Monday.
Key Inflows and Market Sentiment
The inflows into U.S.-listed Bitcoin spot ETFs are a strong indicator of the positive sentiment prevailing in the crypto market. BlackRock’s IBIT led the inflows with approximately $969.95 million, followed by Fidelity’s FBTC with $112.3 million and Bitwise’s BITB with $60.1 million. This wave of investment signals a renewed interest in Bitcoin, with the price holding steady above $124,000.
The Bitcoin price has shown resilience, consolidating above the key support level of $122,000. As of the latest update, Bitcoin is trading at $124,309, marking a weekly increase of about 9.2%. The Relative Strength Index (RSI) has entered the overbought territory at 71.29, which may indicate a potential pause or minor correction in the price. However, the MACD histogram remains positive, suggesting that the bullish momentum, although slightly fading, is still present.
Future Price Projections and Support Levels
If the bullish trend continues and closes above $125,000, the next targets for Bitcoin could be $127,000 and $128,500. Conversely, should the consolidation deepen, the $122,000 level emerges as a crucial support zone, consistent with previous breakout levels. The ability of Bitcoin to maintain its price above $124,000 is pivotal in determining its short-term trajectory.
The ongoing inflows into Bitcoin ETFs, now on a six-day streak totaling over $4.43 billion, highlight the improving institutional sentiment towards the cryptocurrency. As the crypto market continues to evolve, the interest in Bitcoin ETFs serves as a significant barometer of investor confidence and appetite for digital assets.
BTC price chart | Source: crypto.news
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