Bitcoin Price Holds Steady as BTC Holders Anticipate Spot BTC ETF Approvals
The price of Bitcoin has remained relatively stable, decreasing by around 1% in the last 24 hours to trade at $37,077. Despite this slight drop, trading volume has increased by 11% due to surging BTC inflows. Investors are eagerly awaiting the approval of exchange-traded funds (ETFs) for Bitcoin.
Largest Weekly Inflows in Digital Asset Investment Products
Last week saw record-breaking inflows totaling $346 million into digital asset investment products, according to data from CoinShares. Bitcoin accounted for the majority of these inflows, with $312 million coming into the market. Short-sellers have been actively capitulating, leading to a total of over $1.5 billion in inflows since the start of the year.
Surge in Assets Under Management (AUM)
CoinShares attributes this surge in inflows to the anticipation of spot BTC ETF approvals in the US. The combination of price surges and increased inflows has pushed the total assets under management (AUM) to $45.3 billion, the highest it has been in over 1.5 years. However, the majority of these inflows were from Canada and Germany, while the US recorded low participation.
Bitcoin Price Prognosis
Despite consolidating under the resistance level of $38,008, the Bitcoin price remains bullish. The trajectory of the Exponential Moving Averages (EMAs) indicates that there is minimal resistance on the path upwards. Additionally, with the Relative Strength Index (RSI) above 50 and the Awesome Oscillator (AO) in positive territory, it appears that buying pressure is increasing.
If buying pressure continues to rise, Bitcoin’s price could break through the $38,008 resistance level and potentially reach the $38,414 range high. In a highly bullish scenario, the price could even reach $40,000, representing a 7% increase from current levels. However, if profit-taking becomes more prevalent, the price could test the $35,487 support level.
Promising Alternative to Bitcoin
The BTCETF token is being hailed as a promising alternative to Bitcoin. It is one of the top five crypto ICOs to buy in 2023, with experts predicting significant growth potential at launch. The token is currently available for purchase in the presale at a discounted price of $0.006.
BTCETF Token: A Forward-Thinking Initiative
The BTCETF token incorporates a
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