Bitcoin ETF

Bitcoin

April

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Bitcoin (BTC) has surpassed the $70,000 mark for the first time in six weeks.</li> 
 <li>The rise in Bitcoin’s price has led to increased funding rates and positive ETF flows.</li> 
</ul>  
<p>Bitcoin (BTC) has reached a six-week high, climbing past the $70,000 threshold for the first time since early April. The cryptocurrency’s funding rate has also seen an increase, indicating a surge in long <a href="https://crypto.ro/en/cryptocurrencies/bitcoin/">Bitcoin</a> positions among traders.</p> 
<h2 id="rising-bitcoin-funding-rates">Rising Bitcoin Funding Rates</h2> 
<p>The funding rate for Bitcoin has risen to 0.0187%, the highest level seen since April 9. This increase suggests a growing confidence among Bitcoin traders, who have been leveraging long positions. Prior to this recent surge, funding rates had remained below the 0.01% mark for a month.</p> 
<h2 id="positive-price-technicals">Positive Price Technicals</h2> 
<p>Fueling this confidence is a recently observed inverse head and shoulder pattern on the 4-hour Bitcoin chart. This pattern is often used by traders to identify a potential trend reversal from bearish to bullish. Such a pattern could indicate further upward momentum for Bitcoin.</p> 
<p>From a fractal analysis perspective, the current Bitcoin rally mirrors its surge in November 2021. If these patterns continue to repeat, Bitcoin could see further upward momentum in the coming weeks.</p> 
<h2 id="bitcoin-etf-flows-increase">Bitcoin ETF Flows Increase</h2> 
<p>Institutional inflows into U.S. Bitcoin exchange-traded funds (ETFs) have been positive for two consecutive weeks, following three weeks of net negative outflows. Over the past week, U.S. Bitcoin ETFs have accumulated over $200 million worth of Bitcoin, and over $413 million in the week of May 6.</p> 
<p>On May 20, Bitcoin ETFs saw positive inflows worth over $235 million, more than the net inflows of the previous week. These inflows from ETFs have played a significant role in the current Bitcoin rally, accounting for about 75% of new investment in the cryptocurrency as it surpassed the $50,000 mark in mid-February.</p>

Why Investing in Bitcoin Under $70K Was a Profitable Move

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