On March 17, Bitcoin exchange-traded funds saw inflows of $274.6 million, raising expectations for a possible turnaround.
Bitcoin (BTC) ETFs have undergone a significant shift, breaking their trend of outflows with substantial inflows totaling $274.6 million on March 17, marking the highest daily influx since February 4. All five Bitcoin funds experienced net inflows, with Fidelity’s FBTC leading at $127.3 million. Following closely was ARKB with $88.5 million in new inflows, while BlackRock’s IBIT garnered $42.3 million. Grayscale’s Bitcoin Fund and Bitwise’s BITB added $14.2 million and $2.3 million, respectively. Notably, none of the funds reported outflows that day.
While these numbers appear promising, it is essential to remember that Bitcoin ETFs have just halted a five-week outflow period, totaling approximately $5.4 billion. This trend was largely influenced by macroeconomic uncertainties, particularly after tariffs were introduced, which overshadowed positive initiatives to support Bitcoin and other assets by including them in strategic reserves.
At present, Bitcoin is consolidating around the $83,000 mark, trading at $82,883 — down slightly over 1% for the day. The 20-day exponential moving average is located at $85,559, serving as a dynamic resistance point that BTC is currently struggling to overcome. This failure to reclaim the 20-day EMA indicates that bearish trends are still present. Should the price break and maintain above the $85,500 resistance, a surge toward $88,000 to $90,000 could be possible. Conversely, if it falls below the $82,000 support level, further declines toward the next support at $80,000 may follow.
However, looking at the broader perspective, long-term trends remain bullish, suggesting that the $274.6 million inflow on March 17 could indicate a resurgence of institutional confidence following the extended outflow phase.
As noted by a trader, Bitcoin’s recent movement has broken out of a cup and handle pattern and has formed a bullish flag pattern, signaling a potential rally towards $125,000 in the coming months. Thus, the current bearish consolidation around the $82,000 to $83,000 range might serve as a foundation for the next upward trajectory, given that Bitcoin reclaims key resistance levels.
Disclaimer: The information provided in this article is not intended as investment advice. The content and materials presented here are for educational purposes only.