The Bitcoin price rose above the $52,000 level on Feb. 14 to set a new yearly high at $52,545. At the time of writing, the BTC is up 2% over the last 24 hours and 17% over the last seven days.
Bitcoin’s “up only” trajectory has been driven by positive net flows into the spot Bitcoin ETFs and the slowdown in outflows from Grayascale’s ETF, GBTC.
The total daily trading volume of all the Bitcoin ETFs hit surpasses the $1 mark last week. Bloomberg ETF analyst James Seyffart described it as a “big volume day.”
Big volume day for $IBIT. Total volume over $1 billion for the group. https://t.co/Fv8G4P7cvb pic.twitter.com/EGzt431oOr
— James Seyffart (@JSeyff) February 7, 2024
BlackRock’s iShares Bitcoin Trust (IBIT) was the leading with a trading volume of $341.2 million, outpacing Grayscale Bitcoin Trust’s $296.5 million in volume.
On Feb. 14, IBIT raked in $493 million in inflows and is now over “is now over $5b which puts it in Top 7% of all ETFs” in just under one month of trading.
BlackRock’s $IBIT is quietly having itself quite the week. $493 million inflow yesterday. https://t.co/N1NJAXPJaB
— James Seyffart (@JSeyff) February 14, 2024
This increase suggests rising institutional interest in these investment products which is bullish for BTC.
Where is Bitcoin headed next?
Bitcoin traders focus $53,000 next
BTC price had formed a series of higher highs and higher lows on the four-hour chart as shown below. This has led to the appearance of a parallel ascending channel on the four-hour chart.
At the time of writing, BTC was fighting resistance from the upper boundary of the channel at $53,250. A daily candlestick close above this would see BTC rise first toward $54,000 and later the psychological level at $55,000. Such a move would represent a 5% increase from the current.
Note that as long as BTC continues to move within the confines of the rising channel, it is set to continue growing.
BTC/USD daily chart. Source: TradingView
The upfacing moving averages and the position of the Relative Strength Index (RSI) in the overbought region shows that the uptrend is strong. The price strength at 72 suggested that there was still more room for the upside.
On the downside, Bitcoin was sitting on immediate support at $51,750, embraced by the middle boundary of the rising channel. A daily candlestick close below this level would pull the big crypto downward to seek solace from the lower boundary of the channel at $50,650, representing a 3.33% drop from the current price.
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