#BTC targets $97,000 as institutional inflow hits $3.06 billion in a week
Bitcoin stabilizes above $94,000 on Monday after a 10% rise the week before.
US Bitcoin spot ETFs saw $3.06 billion inflow last week, the largest since mid-November.
A breakout above $95,000 might surge to $97,000, according to technical analysis.
After a 10% rise last week, Bitcoin (BTC) is consolidating above $94,000 on Monday. Last week, US spot Exchange Traded Funds (ETFs) received $3.06 billion, the most since mid-November, indicating optimistic institutional demand. Technical analysis predicts a breakout above $95,000 could lead to a surge toward $97,000.
The US Presidential election boosted bitcoin inflows.
Institutional demand rose last week. Last week's inflow record matched November's US Presidential election, when BTC price topped $100,000 for the first time. Bitcoin may rise again if institutional investors buy more.
Chart of Bitcoin Spot ETFs weekly. Source: So value Chart of Bitcoin Spot ETFs weekly. Source: SoSoValue
Chart of Bitcoin Spot ETFs weekly. Source: SoSoValue
According to QCP Capital's Monday analysis, BTC's surge is healthier than in previous cycles.
Traditional Finance adoption is driving this rebound, not speculative leverage, according to the report. Perpetual funding rates are flat to slightly negative, whereas spot BTC ETFs have net inflows for six days.
Arizona's two Bitcoin Reserve Bills will be reviewed again and maybe voted on Monday, according to Bitcoin Laws posts on X. SB1373 and SB1025 aim to make the state the first in the US to have Bitcoin in its treasury. SB1373 concerns digital assets strategic reserve funds, while SB1025 handles public funds and virtual currency investment.
After breaking above its 200-day EMA at $85,000 early last week, bitcoin rallied 11.14% until Friday. BTC fell marginally over the weekend after failing to close above $95,000 in March. On Monday, BTC approaches $95,000, its critical barrier level.
A daily break and close above $95,000 might continue the rise to $97,000, its next daily resistance.
