Price: $0.31599 -5.994%
Market Cap: 46.55B 1.4016%
Volume (24h): 5.46B 0%
Dominance: 1.4016%
Price: $0.31599 -5.994%
Market Cap: 46.55B 1.4016%
Volume (24h): 5.46B 0%
Dominance: 1.4016% 1.4016%
  • Price: $0.31599 -5.994%
  • Market Cap: 46.55B 1.4016%
  • Volume (24h): 5.46B 0%
  • Dominance: 1.4016% 1.4016%
  • Price: $0.31599 -5.994%
Home > Information news > Bitcoin Price Is Testing Crucial Level For Confirming The Uptrend as BTC ETFs See Massive Inflows

Bitcoin Price Is Testing Crucial Level For Confirming The Uptrend as BTC ETFs See Massive Inflows

Release: 2024/09/20 16:30 Reading: 247

Original author:CaptainAltcoin

Original source:https://coinmarketcap.com/community/articles/66ed291ccd69826730ce5333

Bitcoin Price Is Testing Crucial Level For Confirming The Uptrend as BTC ETFs See Massive Inflows

Bitcoin Price Tests Crucial Level, ETF Inflows Surge

Bitcoin is currently evaluating the 200-day simple moving average (SMA), a critical threshold for confirming its bullish trend. Historically, failing to regain this level has triggered corrections, as evidenced in 2020, 2018, and 2014.

ETF Influx Signals Investor Optimism

Bitcoin ETFs have witnessed significant inflows, with $158 million entering Bitcoin and $5.2 million flowing into Ethereum on September 19, 2024. These inflows reflect increased investor interest, following a 0.5% interest rate reduction by the Federal Reserve.

Bitcoin Tests 200-Day SMA

Crypto analyst Ali highlights Bitcoin's retest of the 200-day SMA, a key indicator for establishing a sustained uptrend. Ali cautions that previous failures to maintain this level have often led to corrections, making this a crucial area to observe. A rejection here could indicate potential challenges for Bitcoin.

SMA Impact on Bitcoin's Price

The 200-day SMA serves as a long-term indicator; breaking above it could fuel further positive momentum. However, if Bitcoin falls below this level, it may face further losses.

ETF Inflows for Bitcoin and Ethereum

Spot On Chain reports inflows of $158 million into Bitcoin ETFs and $5.2 million into Ethereum ETFs. These inflows have contributed to positive net flows for both assets, supported by the Federal Reserve's interest rate cut.

Institutional Interest Grows

The inflows demonstrate increased institutional interest in Bitcoin and Ethereum, bolstering their position in the market. The absence of outflows suggests investor confidence, particularly in light of recent economic policy changes.

Bitcoin's Price Action

At the time of writing, Bitcoin's price had reached $63,646.37, supported by a daily trading volume exceeding $43 billion. The price has appreciated by approximately 10% over the past seven days, indicating a robust market recovery. Ethereum has also experienced inflows, solidifying its position as a leading altcoin.

Analyst's Outlook

Analyst Ali cautions that Bitcoin's price remains at a critical juncture. A failure to hold above the 200-day SMA may trigger a correction, making the coming days pivotal for Bitcoin's price trajectory.

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