Market Insights: Bitcoin ETF Inflows Reach $675M, Government Stance Remains Unchanged

Bitcoin’s massive surge in ETF inflows has reached a staggering $675 million, as investors continue to flock towards the cryptocurrency. However, despite this newfound enthusiasm, it appears that the US government is not budging on its stance regarding Bitcoin.

In an interview, renowned expert and crypto enthusiast, Hayes, shared his thoughts on the matter. According to him, the US “is a deficit country” and therefore, implementing a Bitcoin Strategic Reserve would be highly unlikely. He emphasized that with over $18 billion in seized cryptocurrency, it’s not plausible for any elected official to announce plans to purchase more Bitcoin.

When asked about the feasibility of such an initiative, Hayes expressed concerns regarding public perception. “Is that really what you want people to think about your policy?” he questioned, highlighting the potential backlash from announcing a significant investment in a decentralized asset like Bitcoin.

Meanwhile, analysts are divided on the future trajectory of Bitcoin’s price action. On one hand, the Relative Strength Index (RSI) is approaching overbought territory, indicating a high level of buying pressure. However, the MACD line remains bullish, with a clear signal that suggests continued upside momentum.

As we assess the current market dynamics, it appears that the $96,251.58 price point has become crucial for Bitcoin’s future direction. Should this level hold strong, we could potentially see a breakout to new all-time highs. However, if prices fail to break above this resistance, support levels at $90,987.26 and $87,868.57 may come into play.

As always, it is essential for investors to remain cautious when considering the vast array of market variables that can influence Bitcoin’s price action.

Source: https://www.coinspeaker.com/675m-bitcoin-etf-surge-inflows-us-govt-still-a-no-go-hayes/