Bitcoin ETFs See $100M Inflows After $170M Outflow
1min read Bitcoin ETFs experienced a significant resurgence on Thursday, drawing in over $100 million in net inflows. This recovery comes on the heels of Wednesday's substantial outflows of nearly $170 million, alleviating concerns about a prolonged bearish trend. Leading the charge was BlackRock’s IBIT, which attracted nearly $81 million, while Fidelity’s FBTC followed with $25.9 million. The renewed inflows indicate that institutional confidence in Bitcoin remains robust.
The Bitcoin price saw a modest increase of 0.30% over the past 24 hours. However, the negative funding rate and mixed technical indicators suggest that not all investors are convinced of a sustained bullish trend. The funding rate, which flipped negative to -0.0006%, indicates that many traders are adopting a bearish stance despite the rising open interest in Bitcoin futures.
The sudden rebound in ETF inflows suggests that Wednesday’s dip was likely an anomaly rather than a trend. Bitcoin’s futures open interest rose by 5%, reaching $54.93 billion, signaling increased speculative activity from both bulls and bears. This surge in open interest, coupled with the negative funding rate, paints a complex picture of market sentiment.
On April 17th, the trading day began with sellers briefly taking control, pushing Bitcoin into a minor dip. However, at 04:20 UTC, a golden cross formed on the 5-minute BTC/USDT chart, signaling a bullish shift. Buyers capitalized on this, driving prices higher. The Relative Strength Index (RSI) entered the overbought zone around 07:30 UTC, reinforcing the bullish momentum. Later in the day, at 14:30 UTC, the Moving Average Convergence Divergence (MACD) flashed a bearish death cross, coinciding with an oversold RSI, prompting a strong reaction from sellers. Bitcoin dropped and tested support at $83,737.88.
A renewed wave of buyer interest followed as the MACD flipped bullish with a golden cross, sending prices back up to a resistance level near $85,472.45. However, the momentum did not hold, and a second death cross steered the price downward again, heading into April 18th. The new trading day opened with moderate selling pressure, as the RSI showed oversold conditions around 04:20 UTC. According to analysts' forecasts, if bearish sentiment persists, Bitcoin could break below $83,737.88, potentially falling toward $80,000. On the flip side, a bullish reversal could see buyers reclaim resistance at $85,472.45 and target the $86,000 zone.
The recent rebound in Bitcoin ETF inflows reflects growing institutional confidence, even as short-term signals remain mixed. While the Bitcoin price is hovering near key resistance, a break above $85,472 could push it toward $86,000. However, if bearish pressure resumes, it may dip back to $83,737.88. The market's reaction to these developments will be closely watched as investors navigate the complex landscape of Bitcoin's price movements.
