Key Points
- Bitcoin ETFs saw an inflow of $274.6 million on March 17, breaking their outflow streak.
- Bitcoin’s price is currently consolidating around $83,000, with potential for long-term bullish trends.
Bitcoin exchange-traded funds (ETFs) marked a significant turnaround on March 17, with inflows totaling $274.6 million. This marks the highest daily inflow since February 4, ending a period of continuous outflows.
Each of the five Bitcoin funds saw net inflows, with Fidelity’s FBTC leading at $127.3 million. ARKB followed with $88.5 million, BlackRock’s IBIT at 42.3 million, Grayscale’s Bitcoin Fund at $14.2 million, and Bitwise’s BITB at $2.3 million. Notably, no fund experienced net outflows on this day.
Contextualizing the Inflows
These numbers may appear promising, but it’s crucial to remember that Bitcoin ETFs just concluded five consecutive weeks of nearly $5.4 billion in outflows. This trend was largely influenced by macroeconomic uncertainty following the introduction of tariffs, which counterbalanced the positive effects of strategic reserve inclusion efforts for Bitcoin and other assets.
Currently, the price of Bitcoin is consolidating around $83,000, down slightly by over 1% for the day. The 20-day exponential moving average is at $85,559, a dynamic resistance level that Bitcoin is finding difficult to surpass. The inability to reclaim the 20-day EMA suggests that bears remain in control of the market.
Future Predictions
Despite current market conditions, a broader view suggests a long-term bullish potential. The $274.6 million inflow on March 17 may indicate renewed institutional confidence following the extended outflow period.
According to trader Coinvo, Bitcoin’s price has recently broken out of the cup and handle pattern and formed a bullish flag pattern. This signals a potential rally towards $125,000 in the coming months. Thus, the bearish consolidation around the $82,000 – $83,000 level could serve as a base for the next upward move, provided Bitcoin can reclaim key resistance levels.
Please note that this article is intended for educational purposes only and does not represent investment advice.
