Bitcoin BTC/USD experienced a significant surge on
Monday, touching the $50,300 mark, driven by a week of robust exchange-traded fund (ETF) inflows and signs of
increased institutional investment.
The leading cryptocurrency, which had been trading around $48,000 earlier in the day, saw a sharp
increase at the start of the U.S. trading session,
as per TradingView data, before stabilizing near the $50,200 level.
This upward momentum is credited to substantial inflows into spot Bitcoin ETFs, which
amassed over $1.1 billion in net fresh funds last week. This is in contrast to the slowing outflows from
established funds like the Grayscale Bitcoin Trust GBTC and ProShares’
futures-based ETF, according to asset management firm CoinShares.
Potential headwinds may arise from Genesis, a crypto lender
under bankruptcy protection that is liquidating its $1.6 billion GBTC holdings. This move could impact ETF
net inflows and Bitcoin prices in the coming months.
Also Read: Bitcoin Inflows Could Reach $130B In 2024, Says Crypto VC: ‘What Is
The Bear Argument Here?’
Bitcoin Technical Analysis, Predictions
CryptoCon, a prominent voice in the crypto community, highlighted Bitcoin’s adherence to the “Magic Bands” technical pattern.
After breaking through the Yellow Level 1, Bitcoin’s price headed straight toward
Blue Level 2, retesting it at $49,600 after a brief drop.
According to CryptoCon, a firm break of a primary level typically signals a move to
the next, with Level 3 looming above at $84,500 — a level never hit outside of a cycle top parabola.
Read Next: Copycat Crypto: Can You Mirror Your Way To Millions?
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