The Bitcoin ETF has continued its inflow streak for the 11th consecutive day. This has resulted in the largest cryptocurrency, Bitcoin price, maintaining its value around the $100,000 mark. This further hints at the possibility of the BTC token achieving another ATH this year.
Let’s explore the macro insights of the largest cryptocurrency by market capitalization with CoinPedia’s Bitcoin Price Analysis!
Despite recording a drop of ~1% in 24 hours with a trading volume of $68.260 billion, the price of Bitcoin has continued hovering around its milestone price of $100,000. However, the dominance of this crypto token has now decreased to 54.98%.
Since November, the Simple Moving Average (SMA) has constantly supported the Bitcoin price chart, highlighting a long-term bullish price sentiment for the largest cryptocurrency in the market.
The Relative Strength Index (RSI) has recorded increased price volatility, with its average trendline recording a constant downtrend. This suggests a mixed price action for the BTC price this week.
Over the past 24 hours, BlackRock’s “IBIT” recorded the highest inflow of $431.6 million, followed by Grayscale’s “BTC” with $110.8 million. While four out of eleven BTC ETFs recorded a neutral flow during this period, only Grayscale’s “GBTC” lost $48.4 million.
With this, the total Bitcoin ETF flow for 12th December was +$597.5 million. Moreover, the largest cryptocurrency ETF has maintained in positive flow for the 11th consecutive day for the first time in months.
Maintaining its value above the $100k mark could set the stage for Bitcoin’s retest of its $102,000 mark. Furthermore, if the bullish sentiment intensifies, the BTC price could head toward its ATH.
Conversely, a bearish price action could pull the price toward the $98,000 level. Moreover, if the bulls fail to regain momentum at that point, this could pull the BTC price toward its $95,000 range.
To find out answers to questions like Will BTC Price reach $1 Million? Read CoinPedia’s Bitcoin Price Prediction. Also, subscribe to stay updated on the latest news first!
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