Bitcoin Consolidates Below $120K Amid Continued ETF Inflows
- Bitcoin (BTC) has seen $799.4 million in inflows into US-based BTC exchange-traded funds over the past Wednesday, marking the tenth consecutive day of inflows.
- Since July 2, investors have contributed over $5.2 billion to BTC ETFs.
- The current resistance level for BTC is at $120,000, with support at $110,530.
- If BTC breaks above $120,064, it may retest its all-time high of $123,218.
- A failure to break above the resistance could lead to a pullback toward the moving average of $113,528.
The sustained inflows into Bitcoin ETFs reflect investor confidence despite price consolidation below key resistance levels. Analysts are monitoring support levels closely as they assess potential market movements.
Currently, Bitcoin is facing resistance at $120K and needs to maintain above $110,530 to avoid a deeper pullback.(Source)
