Bitcoin Bulls Eye Bull Market Confirmation as Spot ETF Inflows Hit Record Levels
Bitcoin's price surge has continued into this week, with the cryptocurrency rising over 2% and trading near $80,000 after testing the 50-week Simple Moving Average (SMA) at $81,114 earlier in the week.
The strong institutional demand supporting this rally is largely driven by spot Bitcoin Exchange Traded Funds (ETFs), which are on track to record a second consecutive week of billion-dollar inflows, with $1.13 billion recorded through Thursday.
This influx of capital into BTC has led analysts to speculate about the potential for a new bull market, with CryptoQuant's analyst stating that 'this is a genuine regime shift... but it needs official confirmation.' That confirmation would come in the form of a close above Bitcoin's 365-day moving average near $83,000.
Investors are eagerly awaiting Federal Reserve Chair Kevin Warsh's speech at the Jackson Hole Symposium on Friday, which could provide clues about the bank's monetary policy and potentially trigger volatility across risky assets such as BTC.