Bitcoin’s tumultuous week has taken a dramatic turn as the five-day streak of outflows, caused by Grayscale’s Spot ETF selling, has been abruptly halted by a staggering $418 million inflow on Tuesday.
For an entire week, the Grayscale Bitcoin Spot ETF (GBTC) unleashed a frenzy of massive $BTC sales into the market, while the other 9 Spot Bitcoin ETFs saw their inflows dry up. And what was the result? The bitcoin price skyrocketed.
Who Else Is Buying Bitcoin?
The world of cryptocurrency is buzzing with excitement over the Spot Bitcoin ETFs, with Grayscale leading the pack by selling a whopping $500 billion in $BTC since January 11th. That’s nearly half of their entire $BTC holdings! Can you believe it? And the craziest part is that all of this has happened in just two short months.
Surpassing all other Spot Bitcoin ETFs, Tuesday’s net inflow of $418 million raised eyebrows. But as we look back over the past five days, during which these 9 ETFs made minimal purchases.
Adoption of bitcoin is finally on the rise. The brilliant minds of our time are now fully aware of its potential and are eagerly embracing it. And with just a handful of billionaires jumping on board, the supply of bitcoin will soon vanish in the blink of an eye.
The demand for bitcoin is skyrocketing, with the daily mined supply being snatched up multiple times over. And that’s just from the frenzy of Spot Bitcoin ETFs. But wait, there’s more. Enter the mysterious Mr. 100, and the impending halving of supply in April.
Bitcoin’s Next Move Taking Shape
The current hourly price of $BTC is a sight to behold, with its intense battle between support at $69,450 and a menacing trend line above. This thrilling showdown is creating a descending triangle, a notorious bearish chart pattern that has traders on edge.
The market is on the edge of its seat as the price teeters on breaking below the sturdy support. But don’t count it out just yet- the trend line and additional support below are ready to come to its rescue. All eyes are on the larger triangle, waiting to see if the price will stay within its boundaries or plummet below $68,000.
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Bitcoin Inverse Head And Shoulders Pattern Playing Out
As we zoom out into the 4-hour time frame, the exciting world of bitcoin reveals a bullish inverse head and shoulders pattern in play. The neckline has been triumphantly breached, paving the way for bitcoin to complete the pattern and soar to a staggering $74,000.
Imagine the thrill of witnessing $BTC soar to an unprecedented $74,000, only to settle into a solid foundation between $69,000 and $74,000. This could be the catalyst for the next phase of the bull market, setting the stage for a thrilling surge to even greater heights.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.