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Bitcoin has witnessed a remarkable surge, reaching the impressive figure of $98,000 as ETF inflows saw a significant spike to $908 million. This substantial influx of capital marks a six-week high and indicates a notable shift in market sentiment.
The recent rebound is accompanied by an increase in institutional confidence, as reflected in the Coinbase premium index surpassing its 14-day SMA for the first time in nearly a month. This development underscores the growing interest in cryptocurrency products among institutions.
ETFs have played a crucial role in this surge, with notable examples including Fidelity’s Wise Origin Bitcoin Fund and iShares Bitcoin Trust. The latter attracted $253 million in a single day, demonstrating the significant impact of ETF inflows on the market.
As reported by CryptoNewsLand, this sudden increase in investment may be linked to Bitcoin’s 16th anniversary since its genesis block. This coincidence highlights an intriguing turning point for the asset and suggests that institutional investors are taking notice.
Bitcoin has regained key technical levels, with some analysts now targeting a $110,000 price target based on Fibonacci levels by Mister Crypto. A chart analysis indicates that BTC is continuing to display retracements and resistances, while historical Fibonacci retracements from previous cycles indicate structured price progression.
Key support levels at $90,000 and $88,000 have been breached, but may potentially serve as retest zones if a correction occurs. The visible upward trendline and Fibonacci extensions signal the ongoing bullish market structure, with Bitcoin testing higher resistance zones.
Despite this encouraging development, market participants remain cautious. Some traders, including Scient, emphasize that breaking above $99,000 and establishing it as support is essential to maintain the upward trajectory. Others point to the previously mentioned retest zones as potential correction areas if further declines occur.
The recent surge and ETF inflows have sparked a mix of optimism and skepticism within the crypto community. As Bitcoin approaches this new milestone, investors must carefully weigh their options in response to these developments.
Source: cryptonewsland.com
