- Summary:
- Bitcoin price has risen to its highest level in nearly three weeks and whale activity adds credence to the likely breach of the $90k mark.
Bitcoin price started the new week on an upbeat momentum and is on course to record its third successive daily gain. The coin was at $87,786 at the time of writing, but faces resistance at the $88k mark, as seen by the emergence of two long wicks near that level. Bitcoin has gained 4.8% in the last week, underlining the buildup of a bullish momentum.
The crypto market has been on an extended decline in the last month, having become collateral damage resulting from a trade tariff war between the United States and its leading trading partners. In addition, the Federal Reserve’s decision to keep interest rates unchanged did little to alleviate the FUD sentiment in financial markets.
However, the decline in BTC price also triggered institutional appetite for the coin. According to Coinglass data, Bitcoin spot ETFs registered net positive inflows for the last six successive sessions. That trend was last seen in late January, at the height of the market bull run.
Meanwhile, BlackRock’s inaugural Bitcoin Exchange Traded Product (ETP) debuted trading on Tuesday at Xetra, Euronext Amsterdam and Euronext Paris. That affirms a strong bullish sentiment on BTC among whales and institutional investors.
Monday’s session registered $84.2 million worth of inflows into Bitcoin spot ETF market, with four of the eleven traded ETFs recording net positive inflows. Fidelity’s FBTC was the biggest gainer with $82.90 million worth of inflows, followed by BlackRock’s IBIT with $18.10 million. A continuation of the trend this week could help Bitcoin price sustain its upside as it attempts to retest $90k.
Elsewhere, IntoTheBlock reports that there was $426 million worth of net outflows of Bitcoin from exchanges in the last seven days. That signals reduced selling pressure, which adds credence to the upside view.
Bitcoin Price Prediction
The momentum on Bitcoin price has seen its pivot move to $87,250. The upside will likely continue if action stays above that level. With the buyers in control, the coin will likely rise further to encounter the first resistance at $88,580. However, a stronger upward push will break above that barrier and test $89,390.
On the downside, the sellers could take control below $87,250. In that case, BTC price is likely to find its first support at $86,310. Breaking below that level will invalidate the upside narrative. Also, the resulting momentum could send the price lower to test $84,960.
