Bitcoin Price Rebounds Above Crucial Support Levels amid Rising Demand from US Spot BTC ETFs

As a seasoned researcher with over two decades of market analysis under my belt, I’ve seen countless bull and bear runs in various asset classes. The recent Bitcoin price rally, combined with the positive inflow into US spot Bitcoin ETFs, certainly piques my interest.


Bitcoin‘s price soared by more than 4% within the last day, peaking at approximately $57,896 earlier today before dipping back to around $56,870 during the midday European trading period. While Bitcoin still has hurdles to overcome, its recent surge past $56,000 suggests a possible change in direction in the near future.

In recent times, the value of Bitcoin has been testing the bottom line of a descending weekly trendline.

In recent times, there’s been a noticeable decrease in the apprehension about additional cryptocurrency collapse. Today, the Bitcoin Fear & Greed Index surged past 30, reflecting an increase, as its underlying worth soared beyond $56,000.

US Spot Bitcoin ETFs Ends Losing Streaks

Over the last fortnight, Bitcoin Exchange-Traded Funds (ETFs) based in the U.S. have experienced significant losses, contributing to the recent decline in Bitcoin price to around $52k. However, this eight-day streak of losses came to an end on Monday as these ETFs reported a net inflow of approximately $28.72 million in cash.

On Monday, Fidelity’s FBTC, Bitwise BITB, and ARK 21Shares Bitcoin ETF (ARKB) each saw approximately $28.6 million, $21.99 million, and $6.81 million flow into them respectively. Conversely, BlackRock’s IBIT and Grayscale’s GBTC experienced a total outflow of roughly $9 million and $22.76 million respectively on the same day.

As a result, the US spot Bitcoin ETFs have total assets under management of about $51.31 billion.

Bitcoin ETF investments in Hong Kong have nearly stopped over the past few weeks, suggesting minimal interest from Asian institutional investors. Contrastingly, Japanese company Metaplanet Inc has been consistently purchasing more Bitcoins. In fact, they just announced an additional 38.46 Bitcoins to their holdings today, bringing their total to 398.83 units.

Crypto Market Picture

It’s predicted that the cryptocurrency market will transition into a bullish trend during the last quarter of this year and continue through the first half of 2025. The potential reduction in interest rates in the United States on September 18, prior to the upcoming elections, is expected to benefit the crypto market.

It seems the bond market is experiencing a major downturn. Have you considered that our global economy heavily relies on debt? Bonds represent this debt, and their tumble might indicate underlying economic instability. Although market collapses can be seen, banking crises often lurk beneath the surface and pose a greater risk. In essence, it’s like walking on thin ice.

— Robert Kiyosaki (@theRealKiyosaki) September 9, 2024

In the current period, the US dollar Index has been showing signs of weakness and is predicted to persist in its downtrend during the upcoming quarters. As suggested by serial entrepreneur Robert Kiyosaki, safeguarding one’s capital from a potentially collapsing bond market might be achieved by investing in tangible assets such as gold, Bitcoin, or even cryptocurrencies like Bitcoin, for the long term.

As a crypto investor, I’m excited about the approaching altseason, fueled by the increasing mainstream adoption of decentralized financial (DeFi) protocols. This trend could potentially lead to a shift in the crypto market, with investors rotating their holdings from Bitcoin to altcoins at an accelerated pace. Furthermore, the weekly Bitcoin dominance chart suggests a possible reversal pattern that might contribute to this rotation rate.

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2024-09-10 11:27