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Bitcoin tests resistance near $65K as US spot ETF flows turn positive
Weekly inflows into US spot Bitcoin ETFs totaled $75.7 million for a second straight week after eight weeks of outflows.
The crypto market held relatively steady near a $2.2 trillion market capitalization, even as key stock indices showed weakness and gold trended lower, according to Action Forex. Bitcoin is testing resistance around $65,000 without yet triggering significant pullbacks, with the price hovering near the 50 day moving average and anchored close to the 200 week moving average, which is trending upward. Action Forex also pointed to a sentiment backdrop that remains in the fear zone, with its sentiment index rising to 29 and still not established above neutral levels. It added that top coins were mixed, with notable declines including Zcash down 5.3%, Filecoin down 4.6%, and OfficialTrump down 1.6%. On flows, US spot Bitcoin ETF inflows continued for a second week, totaling $75.7 million after eight weeks of larger outflows. Action Forex said spot Ethereum ETF inflows also continued for a second week, totaling $105.4 million, and cited Coinglass data showing the Coinbase Bitcoin Premium Index has stayed in negative territory for 60 consecutive days, an all time record.
Latest closeGold $3,981.40 ▼1.6%|Bitcoin $65,132.37 ▲0.7%|Ethereum $1,901.01 ▲1.6%