Bitcoin News Today: Bitcoin ETF Inflows Surge 6th Week, Price Consolidates Near $118,200

Bitcoin's price has been consolidating recently, with the top digital asset remaining in a tight range and forming a bullish pennant pattern. This consolidation comes as exchange-traded fund (ETF) inflows continue to surge, marking the sixth consecutive week of increased inflows. As of Saturday, July 19, Bitcoin was trading at $118,200, a slight decrease from its all-time high of $123,000, but still up by over 58% from its lowest point this year.

According to SoSoValue data, all spot Bitcoin ETFs added over $2.3 billion in inflows this week, a slight decline from the $2.7 billion added the previous week. The IBIT ETF now holds over $86 billion in assets, making it the eighth-largest and most profitable BlackRock fund, thanks to its 0.25% expense ratio. Fidelity’s FBTC holds over $24 billion in net assets, while Grayscale’s GBTC has over $21 billion.

The surging inflows of Bitcoin ETFs indicate strong demand from Wall Street investors. BlackRock attributes this demand to Bitcoin's long track record of outperforming traditional assets like stocks and bonds. Additionally, factors such as the surging US public debt, geopolitical risks, and the need for a hedge against inflation are driving investors towards Bitcoin.

The passage of the GENIUS Act, which introduces guardrails for US stablecoins, including regular audits and disclosures, has also contributed to the asset inflows. Furthermore, reports that the Trump administration is considering allowing retirement funds to allocate cash into crypto could unlock over $9 trillion in assets for the crypto industry, further boosting demand for Bitcoin ETFs.

Technical analysis of Bitcoin's price shows a strong bullish breakout this week, reaching its all-time high after forming an inverse head-and-shoulders pattern, a cup-and-handle, and a bullish flag. Despite this momentum, Bitcoin is now consolidating in a tight range, forming a bullish pennant pattern. This pattern, consisting of a vertical line and a triangular pattern, is a popular continuation sign in technical analysis. Bitcoin remains above the 50-day and 100-day moving averages, with the Supertrend indicator in green, suggesting that it will likely continue rising as bulls target the all-time high of $123,000. A move above this level could indicate further gains, potentially reaching $125,000.