Bitcoin Stagnates as Spot ETFs See Second Straight Week of Outflows
BTC's price action flatlines—just as Wall Street's latest crypto darling bleeds assets again.
Spot Bitcoin ETFs: The 'safe' play that's underperforming hodling. Who could've predicted that?
Meanwhile, institutional investors keep playing hot potato with their ETF shares. Maybe they'll figure out crypto's volatility isn't a bug, it's a feature.
Bitcoin supply on exchanges | Source: Santiment
Second, more companies are intensifying their bitcoin purchases. Strategy is raising over $2 billion more to buy Bitcoin, while Trump Media has filed to raise up to $12 billion for purchases. Other firms like MetaPlanet and The Blockchain Group are intensifying their purchases.
Bitcoin price technical analysis
The other Bitcoin catalyst is its solid technicals. The daily chart shows that it has slowly formed a cup-and-handle pattern and is completing the handle section.
Bitcoin has also remained above the 50-day and 200-day moving averages, which provide substantial support. It has also remained above the major S/R pivot point of the Murrey Math Lines tool.
Therefore, the coin will likely bounce back in the coming weeks. The initial target is the cup’s upper side at $109,477. After moving above the all-time high of $111,900, it may surge to $150,000.
