Crypto News

Bitcoin Surges Above $61K Amidst Stagnant Net Inflows

Since August, investor net inflows have reached $461 billion but have remained largely stagnant, indicating that new capital is not entering the market at an increasing rate.

Despite this, Bitcoin has seen a recent boost, climbing back above $61,000 with a nearly 6% gain in the past 24 hours.

Resistance levels are distributed across the chart, but the key level to watch is $64,000. At this price point, 1.57 million addresses are currently holding Bitcoin at a loss. This could become a significant hurdle for Bitcoin’s continued ascent.

The TD Sequential indicator on the 1-hour Bitcoin chart has flashed a sell signal, suggesting a possible short-term correction. Additionally, while the TD Sequential shows bearish signals, the RSI and Stochastic RSI indicate oversold conditions.

This combination suggests that Bitcoin may face a correction unless it can maintain a candlestick close above $58,800.

A notable whale has reappeared, selling 200 BTC, worth approximately $11.6 million, after a five-month period of dormancy. This whale is known for buying Bitcoin at lower prices and selling at higher prices, currently holding 2,800 BTC with a total profit exceeding $168 million.

Bitcoin Spot ETF Flows With Mixed Results 

On September 16, Bitcoin spot ETF flows showed mixed results. The total net inflow was $12.9 million, with Grayscale’s GBTC seeing an outflow of $20.8 million, while its mini ETF saw an inflow of $2.8 million. BlackRock’s IBIT ETF experienced an inflow of $15.8 million, and Fidelity’s FBTC ETF had an inflow of $5.1 million.

As Bitcoin navigates these technical and market dynamics, investors should stay alert to potential corrections and key resistance levels that could impact its price trajectory.

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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