The Bitcoin bull market is officially back on track, according to the IFP index.
On lower time frames, Bitcoin appears to be trading within a parallel channel, setting the stage for a potential price swing.
The #Bitcoin bull market is officially back on, according to the IFP index! pic.twitter.com/oiTf00pwFL
— Ali (@ali_charts) August 26, 2024
If the crucial $63,500 support level holds, Bitcoin could experience a bounce back to $64,200 or even $64,800. However, if this support breaks, a drop to $62,800 may be imminent.
#Bitcoin seems to be trading within a parallel channel on the lower time frames. If the $63,500 support holds, $BTC could bounce back to $64,200 or even $64,800. However, if it breaks, a drop to $62,800 might be on the horizon! pic.twitter.com/4hROkZxQNp
— Ali (@ali_charts) August 26, 2024
Bitcoin Spot ETFs Recorded Notable Net Inflow Of $506 Million Last Week
In a significant development, Bitcoin spot ETFs saw a net inflow of $506 million last week (August 19-23), indicating growing investor interest. Notably, BlackRock’s IBIT ETF and Fidelity’s FBTC ETF experienced substantial inflows of $318 million and $87.79 million, respectively, while Grayscale saw an outflow of $86.54 million. The total net asset value of Bitcoin spot ETFs now stands at $58.426 billion.
Bitcoin spot ETFs had a net inflow of $506 million last week (August 19 to August 23, Eastern Time). Grayscale had an outflow of $86.54 million, BlackRock ETF IBIT had an inflow of $318 million, and Fidelity ETF FBTC had an inflow of $87.79 million. The total net asset value of…
— Wu Blockchain (@WuBlockchain) August 26, 2024
As Bitcoin’s price navigates this critical juncture, investors are keenly watching the $63,500 support level. Will it hold, or will we see a brief pullback? One thing is certain – the Bitcoin bull market is back, and all eyes are on its next move.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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