Why This Key Bitcoin Price Trendline At $100k Is Back In Focus

BlackRock and Fidelity led a rebound in spot Bitcoin ETFs inflows on Thursday, as traders shifted their focus to the 50-week EMA at about $100,000.

Bitcoin ETFs recorded $240 million in inflows on Thursday, ending a six-day outflow streak.

Bitcoin’s failure to drop below the 50-day EMA suggests strong support in this area.

Bitcoin (BTC) exchange-traded funds (ETFs) ended a six-day outflow streak with inflows returning on Thursday, leading traders to believe that a recovery is imminent as long as the BTC price holds the 50-week EMA.

US-based spot Bitcoin ETFs ended a six-day streak of net outflows on Thursday, with $240 million in daily inflows.

The outflow streak started on Oct. 29 and extended through Wednesday, with the biggest outflows comprising $577.74 million on Tuesday.

Related: Crypto ETFs ‘punching above weight’ as almost half of ETF investors plan buys

The streak of outflows followed a Bitcoin market correction that saw BTC price plunge below $100,000 for the first time since June. On Tuesday, the BTC/USD pair reached a four-month low of $98,900. Since then, the price had recovered 3% on Friday.

The largest inflow was from BlackRock’s ETF, IBIT, at $112.4 million. Fidelity’s FBTC followed with $61.6 million, while ARK Invest’s ARKB added $60.4 million.

Bitwise’s BITB posted moderate inflows of $5.5 million and $2.48 million, while the rest of the ETFs saw no inflows or outflows.

Source: CoinTelegraph