Bitcoin ETF Inflows Signal Fresh Push Higher
BTC Pushing Higher
Bitcoin prices are on watch into next week with the futures market having pushed steadily higher in recent trading. BTC is now on course to print its eighth consecutive day in the green with the market back up testing the March highs. Optimism over US/Iran peace talks and now also the ceasefire between Israel and Lebanon is helping bolster risk assets this week. Crypto assets have been ack in favour following a long slump in recent months as traders grappled with the uncertainty and risks linked to war in the Middle East. If negotiations can progress now and traders start to sense that a proper peace deal is coming, BTC stands to gain firmly as risk appetite improves further and USD follows oil prices lower.
Bullish ETF Flow Signals
In positive sign for BTC bulls, ETF flows have been bullish this week with net inflows of more than $100 million. Demand from institutional traders had been a big driver of the BTC rally we saw in Q1 and if that demand can start to return, bulls could see BTC marking a fresh push higher once again. Additionally, Morgan Stanley noted that its new BTC ETF has attracted $100 million in its first six days, showing strong demand for the first in-house Bitcoin product to be offered by a Wall Street bank. If geopolitical tensions continue to cool here and ETF inflows develop further, BTC should start to look more bullish in coming weeks.
Technical Views
BTC
For now, BTC continues to grind higher within the corrective bull channel which has framed the move off YTD lows. The $80,195 level (and bull channel highs) remains the key pivot to watch, with a break higher seen turning the focus to the $94,450 level above.
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With 10 years of experience as a private trader and professional market analyst under his belt, James has carved out an impressive industry reputation. Able to both dissect and explain the key fundamental developments in the market, he communicates their importance and relevance in a succinct and straight forward manner.