Bitcoin (CRYPTO: BTC) has staged a cautious recovery, reclaiming the key $64,000 resistance level as strong inflows into spot Bitcoin ETFs continue to support investor demand despite Strategy’s sales. BTC was trading at $64,150, up by 11% from its lowest level this year.
Bitcoin Price Rises as ETF Inflows Rises
American investors have started buying Bitcoin ETFs, a sign that they expect it to bounce back after falling by 55% from its highest point on record.
Data shows that spot Bitcoin ETFs have added $124 million in inflows this month. This is a good reversal after they experienced substantial outflows in May and June. They lost close to $7 billion in those two months.
The ongoing ETF inflows have partially helped to offset the ongoing sales by Strategy (NASDAQ:MSTR). Strategy sold coins worth over $200 million last week, and chances are that it will continue its selling spree in the coming weeks.
Its goal is to raise over $1.5 billion in assets to boost its cash reserves after its preferred stocks came under pressure.
Empery Digital, another Bitcoin Treasury, another company, sold 1,400 coins to boost its cash reserves as it pivots to the artificial intelligence (AI) industry. Other companies may start selling their coins in the coming months, with some selling them at a loss.
Some analysts are optimistic that Bitcoin will rebound in the near term. In a recent statement, Standard Chartered, a top emerging market-focused bank, maintained its $100,000 price target. It also expects that the coin will jump to $500,000 in the long term. Bernstein, on the other hand, boosted its outlook to $150,000.
BTC Price Prediction: Technical Analysis
Technicals suggest that Bitcoin has more upside potential in the near term. It has already jumped from a low of $58,130 to the current $64,100.
The coin has jumped above the 25-day moving average, a sign that the bulls have prevailed. Also, the two lines of the Percentage Price Oscillator have made a bullish crossover and are nearing the neutral level.
Bitcoin has also formed a double-bottom pattern and is nearing the neckline at $67,135. Therefore, BTC may continue rising, potentially to $80,000, a move that will be confirmed if it crosses the neckline at $67,135.
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