Bitcoin Targets ₱4,849,350 ($79,000) Weekly High, ETF Inflows Hit ₱38.67 billion ($630 million)
US spot Bitcoin ETFs recorded inflows of nearly ₱38.67 billion ($630 million) on Friday as traders debate whether the rally can sustain. Analyst Michaël van de Poppe expects continued momentum, while JDK Analysis warns of bearish liquidity signals.
Key Takeaway
Bitcoin's weekly close target depends on whether ETF inflows can overcome bearish liquidity signals from derivatives markets.
Bitcoin climbed to $80,311 on Sunday, targeting a weekly close near $79,000 that would mark the highest level since late January. The 3.48% gain came as US spot Bitcoin ETFs recorded inflows of nearly ₱38.67 billion ($630 million) on Friday, pushing the weekly close threshold to $78,670.
Analyst Michaël van de Poppe said Friday gave insight into what's likely to come, adding that he doesn't think the momentum will slow down in the coming week. That's probably why the consolidation remains relatively shallow, he noted.
Not everyone shares the bullish outlook. Trading account JDK Analysis described the current liquidity setup as typically bearish, pointing to fresh longs opening into the highs while price shows signs of absorption. The market can't push meaningfully higher despite increasingly aggressive buying for now, the account stated.
Trader Crypto Tony flagged a build of liquidity forming below, warning that a take of the high liquidity could be used to dump. The comments came as President Donald Trump posted on Truth Social Sunday that he can't imagine Iran's latest peace proposals would be acceptable, cooling hopes for an end to the US-Iran conflict that had accelerated Friday.
Major altcoins posted gains alongside Bitcoin. Ethereum rose 3.48% to $2,385, while Tron led with a 4.51% jump to $0.3317. Chainlink added 2.74% to reach $9.34.
This article was written based on reporting from Cointelegraph.
