Bitcoin ETFs are back on the rise as the price jumps back to $120,000, indicating renewed institutional confidence and optimism for additional gains in Uptober.
Summary
- Bitcoin ETFs have experienced four consecutive days of inflows amounting to $2.25 billion.
- BlackRock’s IBIT leads the recent trading session with $466.55M in inflow, followed closely by Fidelity, ARK, and 21Shares.
- Bitcoin price surged to an intraday peak of $120,550 before retracting to $119,912.
- BTC encounters resistance at $120,550, with a potential rally towards $123,000 if a breakout occurs.
Bitcoin has reclaimed the $120,000 level for the first time in weeks, demonstrating renewed strength in the crypto market. The leading digital asset reached an intraday high of $120,550 before settling around $119,903 at the time of this report, per data from crypto.news. On the daily and weekly charts, BTC has recorded gains of 1.17% and 9.71%, respectively.
This notable price recovery has been supported by sustained institutional interest via spot Bitcoin (BTC) ETFs. Between September 29 and October 2, these ETFs registered over $2.25 billion in inflows, reflecting renewed investor confidence. In just the latest trading session, inflows reached $627.24 million.
Among the issuers, BlackRock’s IBIT led with $466.55 million in inflows, followed by Fidelity’s FBTC with $89.62 million, and ARKB, the collaboration between ARK and 21Shares, which attracted $45.18 million.
Ethereum ETFs also participated in the rally, garnering over $1.06 billion during the same four-day span. However, their latest daily inflow of $307.05 million remained below that of Bitcoin ETFs.
Bitcoin ETF inflows strengthen as price targets more upside
The ETF inflows, paired with Bitcoin’s upward trajectory, point to a growing sense of optimism among investors as October, often referred to as “Uptober” for its bullish tendencies, begins to unfold. Technical indicators showcase a strengthening market, with the RSI currently at 64.38, indicating increased buying pressure. The MACD histogram is widening while the signal line continues to show bullish sentiment, confirming momentum.
Nonetheless, Bitcoin is facing near-term resistance around $120,550. A daily close above this level could potentially spark further gains towards $123,000.
If selling pressure arises, BTC may revisit support near $117,000, a critical level where buyers had previously stepped in. As ETFs continue to attract investor capital and market sentiment improves, Bitcoin’s return to the $120,000 range signifies an important milestone in its ongoing recovery.
