Two purchases totaling nearly $1 billion on Friday and Monday by US Spot Bitcoin ETFs have helped push Bitcoin above $100,000 once again.
Buy Bulk US Spot Bitcoin ETFs
As far as the chart goes, Bitcoin is overbought at the moment. Massive institutional buying has driven the price higher. $BTC is currently below $202,000 on Tuesday. And if the heavy buying continues for the rest of this week. New all-time high prices may not be included in the calculation.
on Monday US Spot Bitcoin ETFs Bought big again The total inflow of 9.95 BTC is worth nearly $1 billion. This is the fifth largest daily inflow in history. It beat the 9.36K BTC purchase on Friday.
The difference in buy share from the last two purchases is that once Blackrock’s IBIT fund did not receive a high share, on the other hand, Fidelity’s FBTC fund bought the most, with 3.68K BTC and 3.76K BTC on the day. Friday and Monday respectively
MicroStrategy Announces Purchase of 1,070 BTC
Micro strategy announce Now it’s normal to buy on Monday. The purchase totaled 1,070 BTC, valued at $101 million. MicroStrategy Purchase It has decreased over the past few weeks. But with planned BTC purchases of at least $42 billion over the next three years, There is much more to the source of this specific need.
$BTC is overbought How deep will the water be?
Source: Trading View
Despite the recent massive buying, the $BTC price is overbought. And a period of downward price action could be something to watch from here. The short-term chart shows that the $BTC price has just begun to turn around. and came up against the first support level of 0.236 Fibonacci.
If a reversal should occur here or even at 0.382 Fibonacci this could be extremely bullish. But a healthier, deeper correction would be better for prices going forward. A 0.5 Fibonacci below $100,000 or a 0.618 Fibonacci at $96,300 would be good levels for a bounce.
Monthly price target
Source: Trading View
When extended over a monthly time frame The big picture will become clearer. The price is now up against the 1.618 Fibonacci for the entire bull market. Additional target price levels can be seen above.
Looking at the next section below the chart, the Stochastic RSI line is angled upwards, showing upward momentum.
At the bottom of the chart, the Relative Strength Index (RSI) is showing a nice bounce from the downtrend line. However, the indicator line will need to reach the 91.70 level in order to clear any sharp downside divergence. If not, A bear market is likely to begin.
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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