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Bitcoin (BTC) Price: Hovering Below $95K as ETF Flows Cool Down
Bitcoin hovers near $95,000 after April’s 20% rally while the market awaits its next move amid cooling ETF flows and economic concerns.
The world’s largest cryptocurrency has been trading in a narrow range recently, with prices hovering below the psychological barrier of $95,000. This consolidation comes on the heels of an impressive 20% gain in April, which saw Bitcoin rebound from annual lows around $70,000.
While institutional investment through spot exchange-traded funds (ETFs) played a significant role in driving the recent rally, data suggests that ETF inflows have slowed down significantly. In fact, net outflows were reported on Wednesday, with approximately $56.2 million worth of Bitcoin leaving the market.
As Bitcoin’s price approaches this critical level, many investors are now eyeing potential breakout points and reversal signals. Despite the current uncertainty, some analysts believe that a sustained move above $95,000 could propel the cryptocurrency towards new all-time highs.
A more nuanced view is offered by on-chain data, which indicates an uptick in accumulation among larger market participants. The Bitcoin Accumulation Trend Score has approached 1, signaling substantial purchasing by these large investors. Additionally, the supply of Bitcoin available on exchanges has declined to a five-year low, often a precursor to reduced selling pressure.
Meanwhile, whale activity has picked up significantly, with these large investors acquiring around $4 billion worth of Bitcoin in just two weeks. This influx of capital could potentially act as a catalyst for future price appreciation, particularly if the cryptocurrency can breach and sustain above its current resistance level.
As the market searches for clearer directional signals, it remains to be seen whether this impasse will resolve in favor of bulls or bears. One thing is certain: the world’s largest cryptocurrency has once again caught the attention of mainstream investors and traders alike.
Bitcoin currently trades at $94,943.40, showing little movement in recent days as market participants await further developments.
Source: https://blockonomi.com/bitcoin-btc-price-hovering-below-95k-as-etf-flows-cool-down/
