An analyst on The analyst did point to a bullish crossover on the 2-month chart's golden moment indicator, but said the signal will flash green again in almost nine years.
This outlook is further solidified by the fact that the Supertrend indicator, which has preceded every major Bitcoin uptrend in the past, is also bullish.
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Bitcoin on a bullish path?
Although the analyst may be optimistic about the world's most valuable coin, the asset remains consolidated. From a technical perspective, it can be seen from the formation in the daily chart that the coin is slowly losing the uptrend momentum. This week, Bitcoin failed to rebound from the peak at the end of last week and climb above $72,000, continuing the buying trend.www.tradingview.com/x/POnCv9Ny
On the daily chart, Bitcoin is trading above the 20-day moving average. However, prices moved horizontally below $72,000. Nevertheless, traders are hopeful.
Whether the bulls come back and push the coin to new highs above $74,000 depends on many other factors.
Inflows into spot BTC ETFs are gaining momentum
Spot Bitcoin exchange-traded funds (ETFs) and their flow trend remain an important factor influencing price and sentiment. Since their launch, nine of the ten spot Bitcoin ETFs have accumulated over 500,000 BTC, representing about 2.5% of the total supply.
Considering Grayscale’s BTC holdings, all spot Bitcoin ETF issuers in the United States control 830,000 BTC. Cumulatively, this value corresponds to around 4% of the total supply.
Notably, after last week's slowdown, inflows continued throughout the week, pushing their holdings even higher – a net gain for price and, more importantly, investor confidence. Lookonchain data shows that 21Shares led the way with an increase of 2,924 BTC as of March 28th.
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Despite the general lull in Bitcoin prices, the increase in demand for these derivative products indicates growing interest from institutional and retail investors.
It remains to be seen how prices react in April, an important month. In less than four weeks, the network will halve miner rewards from 6.25 BTC to 3,125 BTC, making the coin scarce. If current demand levels persist, BTC prices are likely to rise as market forces automatically adjust prices.
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