Bitcoin (BTC) is hovering just below the crucial $70,000 mark, currently trading at $69,800, down 1.7% in the past 24 hours. This price movement comes amidst a period of renewed investor interest in US spot Bitcoin ETFs.

Spot Bitcoin ETF Inflows Surge, Led by Major Players

A significant shift has occurred in the ETF sector, with a collective inflow of $418 million into US spot Bitcoin ETFs. BlackRock and Fidelity’s funds are leading the charge, attracting substantial investments, indicating a bullish sentiment. Fidelity’s fund saw a record single-day gain of $279.1 million, corresponding to a recent acquisition of 4,000 Bitcoins.

Hashdex Joins the Spot Bitcoin ETF Party

Today marks the trading debut of the Hashdex Bitcoin ETF (DEFI) in the US, the eleventh spot Bitcoin ETF in the market. This development reflects the growing trend of traditional financial institutions embracing cryptocurrencies.

Bitcoin Mining Rewards Consolidation Sparks Speculation

An unidentified individual or group with a history of Bitcoin mining rewards consolidated 2,000 Bitcoin (mined in 2010) into a single wallet. The current value of this Bitcoin haul is nearly $140 million, raising questions about potential selling intentions.

Profit-Taking May Be Limiting Price Growth

Despite recent gains, Bitcoin failed to break through its all-time high due to profit-taking activities. On-chain data from Glassnode indicates a surge in profit-taking events, with over $2.6 billion in realized profit taken, creating market resistance.

BTC Short Squeeze Potential on the Horizon

Market analysts predict a potential short squeeze on Bitcoin due to a significant squeeze on short positions. This scenario could propel Bitcoin’s value towards the $80,000 mark. Information from CoinGlass suggests that a price increase to $71,000 could trigger significant short position liquidations.

BTC/USD Technical Analysis

• Current Price: $69,800
• Resistance Levels: $70,000, $75,000
• Support Levels: $65,000, $61,224 (weekly low)
• Indicators: (mixed signals)
  • Moving Average Convergence Divergence (MACD): Dipping below the signal line, indicating a potential downtrend.
  • Relative Strength Index (RSI): Currently at 52, suggesting a neutral market position.