Money keeps pouring into popular Bitcoin exchange-traded fund (ETF) products without any signs of slowing down, as Tuesday saw an addition of nearly $630 million across all products.
BlackRock’s IBIT took the largest share, with almost $500 million added, solidifying its position as the top provider among the 11 ETFs.
Excluding Grayscale’s Bitcoin Trust (GBTC), these ETFs have amassed over $11 billion worth of the largest cryptocurrency by market cap. Analysts note a gradual easing of outflows from GBTC, which has helped alleviate selling pressure and bolstered bullish sentiment.
The price of Bitcoin surged above $51,000 during early European trading hours on Wednesday, marking a 2% increase in the past 24 hours. The CD20 Index also saw a gain of 0.8%.
Some traders foresee a jump to $64,000 in the near future, citing technical analysis and heightened buying interest from institutional investors.
“We’re witnessing the start of the Fibonacci pattern, with a target around the $63.7K area,” remarked Alex Kuptsikevich, a senior market analyst at FxPro, in an email to CoinDesk. “While this level nears historical highs and may not mark the end of the global rally, we anticipate a significant shakeout.”
The Fibonacci trading strategy, controversial as it may be, involves analyzing and executing trades based on the Fibonacci sequence to identify entry and exit points across various time frames.
It’s not just technical analysts eyeing the $65,000 mark: options traders have been actively placing bullish bets on Bitcoin surpassing its all-time peak of $69,000 in the coming months, with some targeting even higher levels, such as $75,000.
