$BTC Bitcoin builds pressure with bullish patterns as ETFs fuel breakout hopes
Bitcoin is flashing strong technical signals, forming both a cup-and-handle and a bullish flag pattern that suggest a potential surge to new all-time highs.
What’s fueling the latest rally?
U.S. spot Bitcoin ETFs drew $2.2 billion in inflows this week alone—the third consecutive week of net additions. According to SoSoValue data, which represents a substantial increase from the $1.02 billion Wall Street investors accumulated last week.
Bitcoin builds pressure with bullish patterns as ETFs fuel breakout hopes
Bitcoin is flashing strong technical signals, forming both a cup-and-handle and a bullish flag pattern that suggest a potential surge to new all-time highs.
Bitcoin has been stuck at the significant resistance level of $107,000 for the past three days. It has jumped by nearly 10% from its lowest point this week.
What’s fueling the latest rally?
U.S. spot Bitcoin ETFs drew $2.2 billion in inflows this week alone—the third consecutive week of net additions. According to SoSoValue data, which represents a substantial increase from the $1.02 billion Wall Street investors accumulated last week.
These ETFs have had net inflows of $4.5 billion this month, down from $5.2 billion in May and $2.9 billion in April. They have had cumulative inflows of $48.87 billion, meaning that the figure could cross the $50 billion milestone in July.
With supply on exchanges at its lowest since 2017, market momentum appears to favor the bulls, setting the stage for a possible breakout above the $111,900 peak.
Chart analysis
BlackRock’s IBIT leads the charge. The ETF added over $52 billion in assets. It now holds $74.5 billion, making it one of the biggest ETFs in the U.S. Fidelity’s FBTC has $12 billion in inflows and now has $21.5 billion in assets.
The soaring Bitcoin demand is happening at a time when the supply on exchanges has continued falling. Santiment data shows that there are 1.21 million coins on exchanges, its lowest level since Dec 2017.
