Bitcoin ETFs Post Third Straight Daily Outflow Despite Bullish Price Prediction
Bitcoin's price prediction remains bullish above $76,500, a level that has acted as support since July. This comes despite the asset's exchange-traded funds (ETFs) posting their third consecutive daily outflow on September 10.
The outflows totaled $282.56 million, but this hasn't dampened expectations for Bitcoin's price. In fact, analysts are still bullish above the $76,500 zone, which is essential to keeping this week's bounce alive.
As of now, BTC trades near $77,165.70, up 0.82% today and testing the $76,500 support level. The 20-day Exponential Moving Average (EMA) sits at $76,997.34, while the Supertrend's bullish flip level is at $72,754.26, both of which still favor the ongoing bounce.
It's worth noting that the August PPI inflation rate rose to 5.4%, higher than the forecasted 5.3%, pushing rate-hike odds even higher.