Bitcoin Price Recovers to $97,727 Amid $440 Million ETF Inflows
Over the past 24 hours, the crypto market experienced liquidations exceeding $500 million. Bitcoin (BTC) hit a low of $94,306 but rebounded to a market price of $97,727, reflecting increased institutional demand and mitigating short-term corrections.
US Spot ETF Inflows
US spot Bitcoin ETFs recorded nearly $440 million in daily net inflows as institutions accumulate BTC. BlackRock led with an inflow of $295.63 million, while Fidelity added $210.48 million. Total net assets for US spot ETFs reached $107.76 billion, representing 5.65% of BTC's market cap. Among 12 registered BTC ETFs, five had net positive flows, three saw outflows, and four remained unchanged.
Mean Age of Bitcoin Investments
The mean dollar invested age for Bitcoin has decreased to 439 days, indicating a 31% reduction over the past 60 weeks. XRP's mean investment age is now 865 days (22% younger), and Dogecoin's (DOGE) mean age is 370 days (31% younger). This decline suggests increased circulation from older wallets, which is a positive indicator for a potential bull run.
MVRV Ratio Analysis
The market-value-to-realized-value (MVRV) ratio currently stands at 2.55, below previous bull run peaks of 3.68 in 2021 and 4.24 in 2017. A declining MVRV ratio indicates potential growth opportunities within the market.
Price Movement and Resistance Levels
After bouncing from a key support level of $94,425, Bitcoin has initiated a recovery rally, surpassing the 50 SMA on the 1-hour chart. It approaches resistance at the 38.20% Fibonacci level of $97,945. However, a death cross signals caution, indicating potential bearish movement between the 200 and 100 SMA lines.
Source: Tradingview
Despite the formation of low-range price candles near resistance, increasing ETF inflows enhance the likelihood of a breakout. A pullback may retest the 23.60% Fibonacci level at $96,600. Successful breakouts could target significant resistance levels at $100,000 and potential new all-time highs at $106,145 and $109,333.
In summary, current intraday recovery and on-chain indicators suggest that Bitcoin's bull run is positioned to endure minor setbacks.