A recent -only unexpected movement of Bitcoin has completely changed the market condition almost immediately. In one of the biggest one day turnarounds in recent weeks, spot bitcoin ETFs saw a suspected $ 422 million in net inflows on May 1. Blackrock's Ibit led the charge with $ 351 million, showing that institutional confidence was still alive and well across Sunday.
Bitcoin's technical performance is consistent with this ETF-driven. Bitcoin is currently trading about $ 96,681, mainly three of the major moves average: the 50 EMA, 100 EMA and 200 EMA. As a bullish bearing structure, it supports the notion that the latest rejection is a grinding rather than starting a complete return. Now that the KaMag -child Index index (RSI) is close to 70, it shows an increase in momentum but also puts bitcoin on the side of excessive conditions.
Crucially, the asset is currently moving in a vacuum; Without a nearby level of resistance to stop its progress, if the momentum continues, the $ 100,000 mark will reach. Changing the sentiment of ETF is what gives this transition a special significance. Remembering the reduction in institutional interest grew as the market experienced negative flows the day before. With over $ 420 million in net inflows, Bitcoin is currently experiencing a new tailwind that can keep prices well in May.
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In the coming 30 days, Bitcoin can survive the $ 100,000 psychological barrier if ETF flows will continue at this rate. The quantity should be used with caution as it is still a bit low for place exchanges, which may indicate some grounded damage. But the path of at least resistance is undeniable upward, with no technical resistance up to six numbers and ETF is required again. In summary, the $ 420 million bitcoin made only indicates that this rally may just begin.
