Bitcoin Struggles at $118K Resistance Amid Strong ETF Inflows
- Bitcoin’s price has faced strong resistance around $118,000, with a recent high of $115,300.
- Bitcoin ETFs have seen six consecutive days of inflows totaling over $2 billion.
- Strategic reserves and ETF holdings for Bitcoin increased by approximately 30% in the year, reaching about 2.88 million BTC.
- The BTC/USDT liquidation heatmap indicates significant liquidations clustered around the $118,000 mark.
- Market analysts suggest that breaking the $117,500 resistance could lead to a new all-time high for Bitcoin.
The current market dynamics show that while Bitcoin faces substantial resistance at $118,000, ongoing institutional demand reflected in ETF inflows may provide upward momentum. With a notable increase in strategic reserves and ETF holdings this year, the market remains watchful of potential price movements following upcoming Federal Reserve announcements.
As Bitcoin continues to consolidate near its crucial resistance level of $118K, the recent influx of over $2 billion into ETFs underscores strong institutional interest.(Source)
