- Bitcoin Price was holding near $64500 level with ETF inflows resuming.
- Bitcoin was above its important moving averages as buyers defended support and looked for higher resistance levels.
- Bitcoin open interest increased to nearly $80 billion but the Fear Index remained in the fear territory.
Bitcoin Price traded close to the $64,500 level on Thursday as U.S.-listed spot Bitcoin exchange-traded funds (ETFs) returned to positive flows after four consecutive sessions of withdrawals.
Indicators have become more bullish as well, with Bitcoin breaking through key Fibonacci retracement levels and moving above crucial EMAs.
At the same time, trading activity increased while derivatives data showed open interest recovering toward $80 billion even as overall market sentiment remained in the “Fear” category.
Bitcoin Price Holds Above Key Technical Levels
Bitcoin traded around $64,476, posting a 0.17% daily gain. The cryptocurrency’s market capitalization stood at $1.29 trillion, while 24-hour trading volume increased 24.88% to $30.62 billion.
On the four-hour chart, Bitcoin rebounded to approximately $64,496 after buyers defended the 0.618 Fibonacci retracement level near $62,807. The price was able to reclaim the Fibonacci retracement levels of 0.382 and 0.236 on the bounce indicating positive short-term momentum.
Source: Trading View
The RSI rose to 53.69, crossing above its average of 44.91 without reaching the overbought area. The nearest resistance was seen between $64,800 and $65,500 while the support was at $63,500.
Bitcoin Price Above Major EMAs
The four-hour chart displayed Bitcoin Price at $64,497, higher than the 20 EMA, 50 EMA, 100 EMA, and 200 EMA of $64,118 and $64,276.
The bounce was made possible by the buyers’ support around $62,684, enabling Bitcoin to recapture all four moving averages. The next resistance would be seen at $65,680, with the closest support at $64,100 – $64,200.
Other Key Technicals
- Bitcoin managed to bounce above two Fibonacci levels and key EMAs in the recent bounce.
- RSI remained above its moving average while staying below overbought conditions.
- Immediate resistance remains near $65,680, while support is concentrated around $64,100.
Spot Bitcoin ETFs Reverse Four-Day Outflow Streak
U.S.-listed spot Bitcoin ETFs recorded $32.1 million in net inflows on Wednesday, ending four straight sessions that produced more than $500 million in combined outflows.
While Bitcoin temporarily dipped to around $63,300 during U.S. trading hours, the ETFs ended the day with positive net flows. The weekly activity of the ETFs was negative with net outflows of $29.29 million, but the monthly net inflow of $204.7 million brought the total net inflow up to $51.36 billion.
For the spot Ether ETFs, net outflows were $18.65 million. But even with the daily outflow, the monthly net inflow of spot Ether ETFs is $342.9 million and more than that of the Bitcoin ETFs.
Open Interest Rebounded as Sentiment Continued to Lag
Open interest data of Bitcoin derivatives was seen rebounding back towards the $80 billion mark while Bitcoin settled at around $64,000.
The Crypto Fear & Greed Index stood at 28, which kept it within the “Fear” zone. The index dropped by one point from the previous session’s value but improved as compared to the “Extreme Fear” index value of one month ago.
The combination of high volume of trades, ETF inflows, rebound above significant technical levels, and healthy open interest indicated several trends in Bitcoin market in the most recent trading session.
Frequently Asked Questions
Why did Bitcoin ETFs record inflows again?
Spot Bitcoin ETFs recorded $32.1 million in net inflows after four consecutive sessions of net outflows exceeding $500 million.
What are the critical price levels of Bitcoin?
There is resistance from $64,800 to $65,680, while support exists from $64,100 to $63,500.
What does the Fear & Greed Index say?
The Crypto Fear & Greed Index is at 28.
