Bitcoin grinds higher as heavy buying continues
Huge inflows to the Spot Bitcoin ETFs are continuing to push bitcoin ever higher. Now $4,000 higher than its all-time-high from 2021, $BTC is maintaining its grind to the upside.
It may be that many investors and traders are getting nervous about this seemingly never-ending $BTC pump. However, massive amounts of bitcoin are being bought, and taken off of the market on a regular basis. Therefore, how does the price go down?
Record-breaking inflows
On Tuesday, a record-breaking $849 million worth of bitcoin went into the Blackrock ETF (IBIT), and this was as the Grayscale ETF (GBTC) saw its smallest outflow since February, with only $79 million leaving its fund.
Gold ETF doesn’t stand a chance
Source: Invest Answers YouTube channel
It’s not only the dollar that is fast diminishing against bitcoin. According to a chart shown on the Invest Answers YouTube channel, the amount going into the Bitcoin ETFs is now at 60% of what is in the Gold ETF ($98 billion), and the Gold ETF took 20 years to get there. The Bitcoin ETFs have managed 60% ($58 billion) of this in only 8 weeks. Flows are also steadily coming out of the gold ETF, and much of this is probably going into the bitcoin ETFs.
$BTC in bearish wedge pattern
Source: Coingecko/Trading View
Looking at the bitcoin price on the very short time frame of the hourly, it can be seen that $BTC is making its way up and along an ascending wedge. This is a bearish chart pattern, and in most cases the price would be expected to fall out of this pattern to the downside.
On the other hand, wicks to touch and confirm the bottom of the pattern are being bought up quickly. For example, the $4,380 candle on Tuesday went down to support, wicked through it and touched the bottom of the wedge pattern, before coming right back to where it started only half a day later.
Should $BTC break out of the top of the wedge, this would be another extremely bullish move for the king of the cryptocurrencies, and given that momentum is still on bitcoin’s side, and that heavy buying is continuing, the eventual target could well be $100,000.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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