Bitcoin is holding near $64,033, up 0.76% over the past 24 hours and about 6.3% higher for the week, a modest but significant rally that has traders wondering if institutional money is finally making a comeback. The answer, based on flow data, is: cautiously yes.
Spot Bitcoin exchange-traded funds (ETFs, regulated investment vehicles that hold BTC directly on behalf of shareholders) just ended a painful exit streak, and the numbers behind this reversal are worth taking a close look.
Bitcoin ETFs ended a five-day losing streak that cost about $1.7 billion in net redemptions. The rebound has since extended, with data showing that Bitcoin ETFs brought in $352 million in the most recent week, accounting for nearly half of all crypto fund inflows during that period.
BlackRock’s IBIT and Fidelity’s FBTC are the products traders watch most closely for daily feed confirmation. This pickup in institutional demand, coupled with options markets showing buying on the dip rather than panic-hedging, paints an interesting technical picture for BTC in the near term.
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Can Bitcoin price surpass $70,000 before the Fed’s next move?
Bitcoin is consolidating just above $63,000 with an intraday range of $63,694 to $64,477. This narrow band signals neither conviction buying nor distribution. The market is holding its breath.
Immediate support lies at the $63,000 mark, with a larger demand area on a decline towards the $60,000 mark. On the upside, $70,000 to $73,800 is the next major resistance group, anchored by the previous all-time high of $73,808.
A clean break above $71,800 could open a retest of $73,808 and potentially reach $75,000, but this scenario requires acceleration in ETF flows and macro data cooperation.
ETF inflows hold above $200 million daily, BTC breaks through resistance at $67,000-68,000 and a dovish macro surprise targets $71,800-73,808. Consolidation continuing between $62,000 and $67,000 while the market waits for signals from the Fed means a slow process with low volatility.
A drop below $60,000 on heavy volume signals that the bounce has failed and exposes the mid-$50,000s. The resumption of daily ETF outflows would be a warning sign.
The situation with derivatives supports cautious optimism. OTC desks report short covering near range lows, and options positioning shows demand for downside protection without panic level bias. The exit pressure from early June appears to have eliminated weak hands, which is generally constructive going forward if volume follows.
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Bitcoin ETFs Post 5-Day Outflow Streak With $352 Million Inflows: Is Wall Street’s Money Coming Back? appeared first on 99Bitcoins.
