bitcoin-usd/”>BITCOIN: THE ULTIMATE COMEBACK KID?
Oh, the drama! Bitcoin exchange-traded funds are back in the game, folks! They recorded a whopping $274.6 million of inflows on March 17, and I’m not talking about a few pennies here. This is like the crypto equivalent of a Kardashian getting a million likes on Instagram!
Now, I know what you’re thinking. “Mel, what’s the big deal about Bitcoin ETFs?” Well, let me tell you, it’s like a game of musical chairs. When the funds are flowing in, it’s like everyone’s dancing and having a good time. But when the outflows start, it’s like the music stops and everyone’s scrambling to find a chair (or in this case, a Bitcoin to hold onto).
So, what’s behind this sudden influx of cash? Well, it’s like a big ol’ game of “Who’s afraid of the big bad bear?” The five Bitcoin funds are all feeling brave, with Fidelity’s FBTC leading the charge at $127.3 million. ARKB came in second, with $88.5 million, and BlackRock’s IBIT was third with 42.3 million. Grayscale’s Bitcoin Fund and Bitwise’s BITB were also feeling the love, with $14.2 million and $2.3 million, respectively.
But wait, there’s more! Bitcoin price is currently consolidating around the $83,000 level, which is like the crypto equivalent of a big ol’ plate of nachos. It’s delicious, but it’s not going to fill you up for long. The 20-day exponential moving average is like the ultimate resistance level, and if Bitcoin can’t break through, it’s like trying to get a cat to take a bath.
However, if we zoom out, the broader trend is still looking bullish, like a big ol’ thumbs up from the crypto gods. So, the $274.6 million inflow might just be the signal we need to see a price reversal. And if we believe the trader Coinvo, Bitcoin price is about to break out of the cup and handle pattern and form a bullish flag pattern, signaling a potential rally toward $125,000 in the coming months. That’s like a big ol’ party, folks!
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2025-03-18 15:09