🚀 Bitcoin remains strong above $117.8K while IBIT absorbs $547M this week
Current price & technical structure
Bitcoin is trading at $117,809, with an intraday range between $116,953 and $117,970. Although it corrected slightly, it remains within a broad uptrend channel, aiming for potential continuation upwards if it surpasses $118K.
Key factors
Massive capital injection this week: IBIT (BlackRock) leads with +$887.7M, while other ETFs like ARKB and GBTC show negative flows, resulting in a net weekly inflow of +$547.6M in Bitcoin ETFs.
The Franklin ETF reports $0 inflows today, maintaining neutral liquidity in the short term.
The "bull-flag" technical pattern is visible on daily charts, suggesting potential breakout to new highs if it manages to overcome the current resistance.
Meanwhile, Ethereum is receiving more inflows via ETF than Bitcoin for the fifth consecutive day, reflecting strong institutional interest.
Key technical levels
Immediate support: $117K–$118K
Primary resistance: $118.5K–$119K
Key zone: consolidation above $118K could push it towards $120K+
Macro/institutional outlook
The accumulated flow in ETFs and the flag technical pattern suggest bullish conditions. As Bitcoin continues to lead, it may attract even more institutional capital, especially if ETH continues to show strength in flows.
Are you expecting an immediate breakout towards $120K or would you prefer to wait for some correction first? Comment your prediction 👇
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