BlackRock’s 71-day streak of ETF inflows has come to an end, raising uncertainties in the Bitcoin market. Despite a slight increase in price to $64,165, the trading dynamics of Bitcoin suggest potential volatility. In light of recent financial shifts, this article provides a Bitcoin price prediction.
Preliminary data from Farside Investors reveals that BlackRock’s spot Bitcoin ETF, IBIT, experienced a decline in popularity. For the first time since its launch on January 11, IBIT failed to attract new investments, ending its 71-day streak of continuous inflows. This trend was also observed in seven out of ten similar funds. However, Fidelity’s FBTC and the ARK 21Shares Bitcoin ETF saw modest inflows of $5.6 million and $4.2 million, respectively. On the other hand, Grayscale’s GBTC faced significant withdrawals, with $130.4 million exiting the fund.
Despite the recent decline, BlackRock’s IBIT has accumulated over $15 billion since its debut. Collectively, the 11 tracked funds have seen more than $12 billion in net inflows. However, the overall enthusiasm for Bitcoin ETFs has cooled off this month, dampening the previous momentum in the Bitcoin market.
Hong Kong is preparing to launch Bitcoin and Ether ETFs by the end of April, aiming to become a major digital asset hub. This move is expected to challenge the dominance of the United States, where similar funds have accumulated $56 billion. However, Hong Kong faces challenges such as lower brand recognition compared to U.S. giants like BlackRock and Fidelity, as well as local demand and regulatory hurdles. Despite these challenges, Hong Kong’s crypto ETF launches aim to strengthen its status as a digital asset hub.
Fidelity’s Bitcoin ETF recently secured a record $40 million investment from financial advisors at Legacy Wealth Management and United Capital Management of Kansas. This represents the largest single investment in a Bitcoin fund to date. However, there are concerns over the low public participation in Bitcoin ETFs, despite growing institutional interest.
According to the technical outlook, Bitcoin’s price is expected to slightly increase to $64,165, with a current pivot point at $65,825. The resistance levels are identified at $67,687, $69,232, and $71,068, while support levels are at $63,654, $61,387, and $59,746. A drop below these support levels could intensify bearish trends. The Relative Strength Index (RSI) suggests that Bitcoin is nearing oversold conditions, while the 50-day Exponential Moving Average (EMA) at $65,223 serves as near-term resistance. Overall, Bitcoin’s market stance appears bearish below the pivot point of $65,825.
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