Cryptocurrencies are generally ticking higher on Thursday, anchored by steady market sentiment. Bitcoin $BTC leads the recovery after breaking above the $109,000 resistance. Altcoins edge higher, with Ethereum’s ($ETH ) price stepping above $2,600. Meanwhile, Ripple ($XRP ) flaunts a renewed bullish structure, above the previously stubborn hurdle at around $2.20.
Market overview: Steady institutional interest and demand
Bitcoin is edging higher, backed by steady institutional demand, which nurtured a remarkable recovery from the drop to $98,241 following the escalation of tensions between Israel and Iran in June.
Selling pressure among whales and institutional investors has waned since April, according to CryptoQuant data. The yellow box on the chart below indicates that whales have maintained steady risk-on sentiment since the tariff-triggered crash in April.
Data spotlight: Bitcoin spot ETFs inflows resume
Bitcoin spot Exchange Traded Funds (ETFs) saw a total net inflow of approximately $408 million on Wednesday, with none of the 12 ETFs licensed in the United States (US) experiencing a net outflow. According to SoSoValue data, Fidelity’s FBTC had the highest net inflow, averaging around $184 million.
The total net asset value of Bitcoin spot ETFs is nearly 137 billion, with a historical cumulative net inflow of roughly $49 billion.
Chart of the day: Bitcoin breaks out aiming for all-time highs
Bitcoin’s price is extending the up leg toward the round-figure resistance at $110,000 after breaching the hurdle at $109,000. The daily chart below shows BTC extending its gains above a critical descending trendline resistance, which could boost risk-on sentiment.
The Relative Strength Index (RSI) uptrend, which rises above 60 after falling to 38 on June 22, signals bullish momentum. A buy signal from the Moving Average Convergence Divergence (MACD) indicator reinforces the same bullish momentum.
This signal manifests when the blue MACD line crosses above the red signal line. With the MACD above the mean line and the green histogram bars expanding, the path of least resistance could stay upward.
Still, traders should anticipate potential resistance at around $110,530, an area that capped the uptrend in June. A break above this level could see the price of BTC prepare for new all-time highs
#StrategyBTCPurchase #TrumptaxCuts #bitcoin #BTC #NextCryptoETFs?