The price of Bitcoin (BTC) continues to exhibit weakness as the month draws to a close. According to recent data, Bitcoin is still struggling to maintain its resistance level and still stuck between $50,800 to $51,100.

It’s been more than a month since the BTC spot ETFs were approved, this had led to a massive pump in Bitcoin’s price. However as it appears, BTC spot ETF inflows have decrease in the past few days leaving investors especially the bulls in a narrow trading zone. 

Since February 20, BTC spot ETF net inflows have decreased massively. This happened after the BTC spot ETF have witnessed an increase in net outflows for the first time since the BTC ETF approval. 

According to a report from Grayscale Bitcoin Trust (GBTC), there were a total of $199.3 million net outflows coming from $137 million on Tuesday, February 20. 

On a good note, there was a stronger activity in net inflows yesterday. Data shows that over $250 million came in and this could be a good sign. 

James Van Straten, research and data analyst from CryptoSlate, stated “Normality resumed a $251M inflow into the Bitcoin ETFs,”

If this pace continues, Thomas Fahrer, CEO of Apollo predicted that huge inflows would change the BTC supply dynamics. 

At this time of writing, Bitcoin (BTC) trades at $51,192, 0.82% decrease in the last 24 hours. Market cap 

Bitcoin’s Bullish and Bearish indicators

Titan of Crypto has revealed a Bull flag formation on Bitcoin’s chart, indicating an optimistic price target of $61,000. This projection is supported by the Tenkan-Sen indicator, which shows strong signals each time BTC’s value approaches $50,700. Furthermore, as long as Bitcoin stays this indicator line, the possibility of realizing the bull flag scenario is significant.