Bitcoin ETFs return $15M as BTC price closes in 10 days
Bitcoin (BTC) closed above $69,000 on March 25 as the bulls found a key resistance zone.
BTC price roars to 10-day highs on ETF strength.
Data from Cointelegraph Markets Pro and TradingView confirm that BTC/USD has registered a 10-day daily close.
A sharp rise in the first Wall Street trading session provided a tone change for BTC's price strength, which gained as much as $4,600 on the day.
This strength has continued after the close, at the time of writing, Bitcoin has passed the $71,000 mark.
Commenting on recent market events, financial analyst Tedtalksmacro noted that US Bitcoin Exchange Traded Funds (ETFs) have returned to net income.
These have seen “red” flow days throughout the week prior, with weak uptake coupled with outflows from Grayscale Bitcoin Trust (GBTC).
“After 5 consecutive out days, Bitcoin spot ETFs saw +$15.4M USD inflows on Monday. +262M from Fidelity,” he wrote on X.
“The auction is back.”
While GBTC's outflows remained significant at $350 million, according to data from UK-based investment firm Farside, BTC/USD managed to avoid any hurdles to the upside.
On the inherent optimism, prominent trader and analyst Matthew Hyland sees the road to a six-figure BTC price range reopening.
“If this turns out to clear the last spot for Bitcoin, the chances of a run up to $100k are increasing,” he told his X followers.
Previously, Highland indicated a reset on the BTC price scale that last occurred in late January when Bitcoin was trading at $40,000.
Daily relative strength index (RSI) values dipped below the key 50 level on March 20, concluding that it was a “good sign” for a rebound.
The daily RSI was standing above 60 at the time of writing – still below the well-known bull market territory above 70.
Trader is cool on Bitcoin future gap
Considering the possibility of a decline, another analyst, Mark Cullen, admitted that there are “gaps” in the CME Group's Bitcoin futures markets.
Related: Why Is Bitcoin Price Rising Today?
According to Cointelegraph, these are often used as BTC price targets, and the weekend below $64,000 remains unfilled.
“Another option for $BTC, after filling the upper CME gap, is now filling the lower and consolidating in a triangle before pushing higher,” Cullen suggested.
For trader Daan CryptoTrades, however, there was little concern about a new BTC price spike.
“After some time we created a big gap and we didn't close it right away,” he said.
“Unless the price is far away, we don't see this gap much. We usually leave gaps like this during big fights.”
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.
