Bitcoin is testing its five-year trendline as BlackRock's IBIT ETF hits 643.8K BTC inflows, signaling strong institutional demand.
Despite occasional outflows, IBIT’s cumulative growth highlights a sustained bullish outlook among institutional investors.
BTC trades near key resistance in a multi-year ascending channel, with volume patterns confirming growing bullish pressure.
Bitcoin is facing a defining moment as it trades just below its five-year trendline resistance. This level has historically signaled market tops. Each retest since 2021 triggered sharp declines ranging from 40% to 80%. Now, Bitcoin’s current price of $108,185.6, with a recent high near $111,917.8, hovers at this crucial level. Meanwhile, institutional players, especially BlackRock, are aggressively accumulating. Their IBIT ETF recorded cumulative inflows of 643.8K BTC, highlighting sustained demand. Hence, Bitcoin’s next move could set the tone for the coming months.
IBIT Inflows Signal Institutional Confidence
BlackRock’s IBIT ETF has shown explosive growth since its launch. On its first trading day, inflows reached 8.8K BTC. By late February 2024, total inflows hit 116K. Daily inflows during that time frequently surpassed 10K BTC.
Source: Kyle Chasse
Besides early volatility, inflows remained consistently positive throughout early 2024. March showed mixed patterns with notable outflows, including a sharp -39.9K BTC day. However, the cumulative line continued upward, confirming steady growth. Additionally, April and May brought calmer flows, typically ranging between -5K and +10K. The trend showed that institutional demand remained stable despite minor volatility.
Bitcoin Nears Multi-Year Technical Breakout
Bitcoin's price action since 2021 follows a defined ascending channel. The lower trendline originates from $10,000 levels and offers long-term support. Meanwhile, the upper trendline has served as stiff resistance. Moreover, Bitcoin stayed inside the channel even during 2022’s brutal bear market. Prices dipped but respected the support line multiple times. The recovery in 2023 began around $15,000 and surged beyond $100,000 in 2024.
Source: Cas Abbe
Bitcoin now approaches the upper resistance of this multi-year channel. This inflection point may lead to a powerful breakout. Volume patterns confirm bullish pressure, especially during breakout rallies. Consequently, reclaiming this five-year trendline could push Bitcoin into “beast mode,” as market watchers suggest. However, failure to break above it might trigger a correction.
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