- Bitcoin price has surged after a strong spot ETF inflows, led by BlackRock’s IBIT, continue to support BTC’s upward move.
- Jack Yi noted, “Originally looking at 85,000, but take profits anytime based on the situation—specifically around 85,000 or so doesn’t really matter anymore.”
- Investors now await the FOMC meeting, which could shape Bitcoin’s next move toward $78K.
Bitcoin price saw a steady rise over the past 24 hours, after it rose 1.43% to trade near $75,720. The move placed it ahead of the global crypto market, which gained just over 1%. The price trend signifies institutional inflows playing a primary role in driving the surge.
Recent data shows that US spot Bitcoin exchange-traded funds have seen their strongest weekly inflows since mid-January. These inflows reached close to $996 million over the past week.
Bitcoin Price Surges Amid BTC ETF Inflows
A large portion of BTC ETF demand came from products linked to BlackRock, particularly its IBIT fund, which alone added over $250 million in a single day. On the contrary, Grayscale’s GBTC recorded modest outflows.
The steady inflow of funds has provided a strong base for Bitcoin’s price. Unlike short-term retail-driven rallies, this type of demand tends to support longer trends. It also signals growing confidence among large investors. As a result, Bitcoin has managed to hold above key technical levels while maintaining upward momentum.
Alongside institutional demand, market mechanics have also supported the rally. A wave of short liquidations added to buying pressure. Data shows that nearly $89 million worth of Bitcoin positions were liquidated in the last 24 hours. A large share of these positions were short trades. When such positions are forced to close, they create additional upward pressure on price.
At the same time, Bitcoin’s dominance in the crypto market has increased. It now stands close to 59.5%. Capital is shifting away from small altcoins and into Bitcoin, and this is indicative. These shifts typically happen in uncertain times when investors want less volatile assets within the crypto space.
Public commentary has also contributed to the discussion around Bitcoin’s prospects. Liquid Capital (formerly LD Capital) founder Jack Yi says that the current move, and its latest moves, will appear like a rebound more so than a complete reversal of the trend. The timing of market bottoms is still tricky to predict, he said. Far from that, he felt the importance of having clear targets and being cautious and managing risk.
He plans for another setback on the back of more general financial factors. The price trend is still affected by a number of macro factors. These include movements in US equity markets, fluctuations in oil prices, and inflation data. Any sharp changes in these areas could impact Bitcoin’s direction. Monetary policy also remains a key factor.
Yi noted, “Originally looking at 85,000, but take profits anytime based on the situation—specifically around 85,000 or so doesn’t really matter anymore.”
The Federal Open Market Committee meeting will guide expectations regarding interest rates. Decisions taken in this gathering may impact liquidity across all risk assets, including cryptocurrencies.
On a technical basis, Bitcoin also has a very strong place. It trades higher than short-term and medium-term averages. This underpins the prevailing upward movement. Near $78,320 we see immediate resistance, which is a very recent high. The negative side shows support is at $75,000, and a deeper level is close to $73,200. If Bitcoin keeps staying above support level, it may try yet another step toward resistance. But a break below key levels would spell a near term downturn.
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