Amid the ongoing market volatility, the cryptocurrency market has achieved the $2.9 trillion mark with an intraday trading volume of 499.39 billion. Following this, the Bitcoin price has regained traction this week, resulting in it retesting its upper high of $94k.
Reportedly, factors like the increasing inflow of digital assets and reduction in funding rates have played a huge role in the recent price action. Moreover, on-chain data are on a constant rise with the BTC ETF making a strong comeback with a 4-day inflow streak.
With this, the marketers are entering into a FOMO-like situation with multiple questions in their mind. In this article, we bring you the market sentiments, technical analysis and possible BTC price prediction.
Bitcoin ETF Demand Increases!
After recording a negative outflow for a significant period, the BTC ETF has successfully regained momentum this week. Reportedly, over the past 24 hours, only ETF recorded a negative flow, whereas 5 ETFs witnessed a positive flow. Notably, BlackRock’s “IBIT” has led the inflow race with $643.2 million on 23rd April.
Following this, Ark’s “ARKB” recorded an inflow of $129.5 million, Fidelity’s “FBTC” recorded an inflow of $124.4 million, Grayscale’s “BTC” recorded an inflow of $29.8 million, and VanEck’s “HODL” recorded an inflow of $5.3 million. While 5 ETFs recorded neutral flow, only Bitwise’s “BITB” recorded a negative flow of $15.2 million.
With this, the net flow for the day concluded at +$917 million, making it the 4th consecutive positive flow day.
Bitcoin Price Prediction For This Week!
The BTC price has successfully retested the $94,000 over the past 24 hours for the first time since 03rd March. Notably, it has recorded a trading volume of $30.77 billion, a change of -40.87%. Moreover, with a market capitalization of $1.85 trillion, it has a market dominance of 63.52%.
The Moving Average (MA) 20/50 day has experienced a bullish convergence in the daily time frame. On the other hand, the 200-day MA acts as a strong support to the BTC price chart. This suggests a strong bullish outlook for the crypto token in the market.
Moreover, the Stoch Relative Strength Index (RSI) continues hovering above the overbought range in the 1D time frame. However, the average record a negative crossover, highlighting an increase in the buying-and-selling pressure for it.
What’s Next For BTC This Month?
If the market continues gaining momentum, the price of Bitcoin could head toward its immediate resistance trendline of $95,000. Maintaining the price above that level could push the price of the largest crypto token toward its milestone price of $100,000.
On the contrary, if the bears regain dominance, the BTC coin price may retest its support of $91,500. Furthermore, if the bulls fail to regain power at that point, the Bitcoin price could plunge toward its lower support level of $87,000 within a short period.
Also Read: Polygon Price Jumps 44% Amid Agglayer Update! What’s Next?
