US Bitcoin ETFs Boom with $263M Inflows as Bitcoin Soars 12% Above $60K: Will This Sustain?
The post US Bitcoin ETFs Boom with $263M Inflows as Bitcoin Soars 12% Above $60K: Will This Sustain? appeared first on Coinpedia Fintech News
On Friday, U.S. spot Bitcoin Exchange Traded Funds (ETFs) saw a significant inflow of $263 million—the largest one-day increase since July 22. This surge in inflows occurred as Bitcoin climbed above $60,000, marking a 12% rise over the past week.
Fidelity’s Bitcoin ETF (FBTC) led the way, attracting approximately $12 million in new investments, pushing its total weekly inflows to impressive levels. This comes after two consecutive weeks of negative performance, during which the fund experienced outflows. Other Bitcoin ETFs, such as ARK Invest and 21Shares’ Bitcoin ETF (ARCB), also saw strong inflows, ending the day with around $99 million in net gains.
The broader cryptocurrency market also experienced gains, with Bitcoin’s price rising from $54,600 at the start of the week to over $60,600 by Friday. Speculation suggests that the recent surge in Bitcoin and other cryptocurrencies could be driven by expectations of an upcoming interest rate cut by the U.S. Federal Reserve.
Bitcoin Price Prediction: How Will This Week Start?
According to analyst Josh of Crypto World, Bitcoin continues to show a short-term bullish trend, despite being part of a larger bearish trend. Over the past day, there hasn’t been a shift in the overall trend, as Bitcoin is still forming lower highs and lower lows on the larger timeframes. However, on shorter timeframes, Bitcoin is showing a temporary bullish trend, which has been ongoing for nearly a week.
At present, Bitcoin is approaching a critical resistance level between $60.2k and $61.2k. The analyst noted that after Bitcoin broke above $57,000 and confirmed this as a support level, the bullish sentiment grew stronger, pushing the price towards higher resistance levels. The price faced only minor resistance at $59.5k before advancing toward the current resistance zone, where it is now struggling.
If Bitcoin breaks above $61.2k, the next resistance levels lie at $63k and $64.5k, according to the volume profile indicator. On smaller timeframes, Bitcoin has invalidated a previously expected bearish divergence, continuing its bullish momentum sooner than anticipated.