Bitcoin ETFs on huge buying spree - another sign the market is turning?

The U.S. Spot Bitcoin ETFs bought another sizable amount of BTC on Thursday, bringing the total inflow so far this week to 29.45K BTC - equivalent to $2.65 billion. Is this turn in the market about to send Bitcoin back to the all-time high?

Huge ETF inflows over the last 4 days

Since 10 February, when the $BTC price was beginning to roll over from the $109,000 all-time high, the outflows from the U.S. Spot Bitcoin ETFs became more frequent than the inflows. This reached its peak on 25 February, when the biggest ever outflow of just over $1 billion in BTC was recorded on a single day. 

Nevertheless, over the last 4 days, nearly 30K BTC have flowed into the U.S. ETF coffers, and this will have done a great deal for the confidence of investors thinking to enter the market once again.

Sentiment moves fast in crypto

Market sentiment moves fast in crypto. While the traditional markets have the Fear and Greed Index at 33 (Fear), the crypto market indicator is at 60 (Greed), having jumped from a Fear reading of 33 only last week.

So it might appear that as long as the U.S. stock market maintains its recent rally, and the Trump tariff wars continue to move towards the calmer waters of talks and deals, the U.S. Spot Bitcoin ETFs can keep adding to the inflows and thereby provide more impetus to the $BTC rally.

$BTC short-term price scenarios

Source: TradingView

The 4-hour chart for $BTC shows that the price is still being rejected from the $94,000 resistance. That said, given the sharp rise to this level, a rejection was probably to be expected. It now remains for the price to fluctuate and potentially stay above $91,000, which would hopefully act as support.

One possibility that could play out is an M pattern. If the current price action falls down through the small ascending trendline, and confirms below the neckline of the M at $91,700, the measured move would take the price exactly back to the $88,600 trend change level. Holding above that particular level would be crucial.

While the 4-hour Stochastic RSI is still trying to bottom, and the 8-hour has some way to come down, the above scenario is a reasonable possibility. However, market sentiment may be strong enough for some sideways price action, followed by another attempt to break through $94,000.

$BTC mini bull flag forming?

Source: TradingView

Yet another possible scenario is that the $BTC price is forming a mini bull flag. While there are only two touches of the top and the bottom of the potential flag so far, this could change as the price action chops sideways. If this did become a confirmed bull flag, the measured move would take the price to just above $102,000.

MACD posturing positively on the weekly time frame

Source: TradingView

In the weekly chart, the price can be seen rejecting from the $94,300 resistance level. That said, some good news in the markets could help the bulls push the price through and enable it to confirm above.

At the bottom of the chart, the MACD shows that the blue line is angling up to cross back over the orange line. Also, the histogram is displaying a decreasing height in the pink bars. If both of these positives continue to play out over the next couple of weeks, this will serve as another signal that Bitcoin is on its way back to the top, and potentially beyond.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.