Bitcoin ETF earnings will return as BTC price nears key $50K support
Bitcoin (BTC)'s consolidation on February 23 continued weakness due to a brief slowdown in institutional investment.
Bitcoin ETFs are retroactive to the date of issue
Data from Cointelegraph Markets Pro and TradingView showed that BTC is struggling for price action around $51,000.
Bulls have been stuck in a tight trading zone for over a week, as fears of Bitcoin exchange-traded funds (ETFs) entering the space remain.
These have cooled significantly in recent days, and on February 21, 2010, we saw a net flow of $36 million uploaded to X (formerly Twitter), including BitMEX Research.
Same data in BTC terms.
694 BTC net flow on February 21, 2024 pic.twitter.com/mpqoo44VA2
— BitMEX Research (@BitMEXResearch) February 22, 2024
In the year February 22 saw strong activity – just over a quarter of a million dollars in net income, including withdrawals from Grayscale Bitcoin Trust (GBTC).
“Normalization continues with $251M inflows into Bitcoin ETFs,” responded James Van Straten, research and data analyst at CryptoSlate.
Continuing the buying momentum from ETF operators, Thomas Fahr, CEO of crypto-specific reviews portal Apollo, predicted that BlackRock's iShares Bitcoin ETF (IBIT), the largest among them, will change the dynamics of BTC supply in the future.
98% of the #Bitcoin you try to buy is already worth >100k.
“Remember that the current price is just a margin trade. BlackRock is going to test this theory, so we'll have enough information soon.”
In the year As of February 23, IBIT holds 124,535 BTC ($6.35 billion), per data from Apollo's own ETF tracker.
The price of BTC is approaching the “trend matching point”.
Focusing on low-term BTC price analysis, popular Trader Skew has caught the attention of experienced market watchers.
Related: Bitcoin Pre-Half ‘Back' Call Tests $45K BTC Price Support
Growth continues, but important levels of support are now coming into play.
These 88-period and 100-period moving averages (EMAs) on the four-hour chart are at $50,017 and $49,654, respectively, with the 18-period EMA on the daily chart at $49,645.
“Price is currently trading in the lower range and around the 4H 55EMA, which is typically a near-term trend correlation point, meaning momentum will pick up soon,” reads the latest X Analysis section.
“Buyers and sellers can fight for control here.”
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
