Bitcoin ETPs saw significant inflows, suggesting continued bullish sentiment and a potential upward trend. While several major altcoins experienced minor pullbacks, buying pressure at lower levels persisted. Bitcoin’s sustained position above $109,588 indicates consistent buying on dips, extending its seven-week upward streak. Analyst Carpe Noctom highlights Bitcoin’s historical performance following eight consecutive weekly positive closes, suggesting potential gains in the coming months. Institutional investment in Bitcoin ETPs remains strong, with CoinShares reporting $2.9 billion in inflows last week – a substantial portion of 2024’s total inflows.
Despite the overall bullish outlook, some analysts warn of a potential short-term Bitcoin correction towards $105,000, citing buyer exhaustion and increased volatility.
The S&P 500 Index’s recent decline to its 20-day EMA suggests potential upward movement towards 6,000, although resistance is expected in the 6,000-6,147 range. A break below the 20-day EMA could trigger a decline towards the 50-day SMA. The US Dollar Index (DXY) faces potential downward pressure, with a break below the 99 support level possibly leading to a drop to 97.92, then potentially to 95.67. Sustained price action above the 50-day SMA (101.26) would signal a potential end to the corrective phase.
Bitcoin’s price action above $109,588, coupled with upsloping moving averages and an RSI near overbought territory, suggests continued upward momentum. A break above $111,980 could lead to a surge towards $130,000, while support lies at the 20-day EMA ($104,886) and the crucial $100,000 level. Ether (ETH) shows solid demand at lower levels, with potential for a rise to $3,000 if it breaks above $2,738. Support lies at the 20-day EMA ($2,425) and $2,323. XRP, BNB, Solana, Dogecoin, Cardano, and Hyperliquid each show distinct price patterns with varying levels of support and resistance, indicating mixed signals for short-term price movement but generally positive long-term prospects. All investment decisions should be preceded by thorough research.
