Bitcoin ETF Flows Soar Past $300M as Price Tests Upper Resistance
On August 21st, Bitcoin ETF net inflows reached $307.5 million, marking a significant milestone in the cryptocurrency's market performance. The IBIT fund captured the lion's share of this influx with $239.3 million, followed by FBTC at $30.2 million and BITB at $9.2 million. In contrast, GBTC saw zero inflows.
As the price of BTC currently resides within its Bollinger band, trading at 77,424.8, it's testing the upper resistance level of 81,728.3. However, with the Relative Strength Index (RSI) flashing overbought at 83.36, a healthy correction to the 50-EMA support level of 69,014.28 appears probable before further continuation.
Fortunately, this inflow data bodes well for BTC's price prediction models and diminishes the likelihood of any near-term crypto market crash.