Bitcoin Holds Key Support Amid ETF Inflows and US-Iran Conflict Pause
Bitcoin has held above its key 200-week Simple Moving Average (SMA) at $63,500 for another week, despite posting four consecutive weeks of gains. This indicates a degree of resilience and strength in the market.
The US-Iran conflict pause has provided some relief to investors, with renewed hopes for diplomatic negotiations improving risk appetite. Spot Exchange Traded Funds (ETFs) have recorded mild inflows for three consecutive weeks, which could be a sign that institutional demand is picking up.
However, if Bitcoin fails to hold above the 200-day SMA at $63,561 and closes below it on a weekly basis, it could extend losses towards the ascending trendline support around $59,500. On the daily chart, BTC is holding a neutral-to-bullish bias, trading above the 50-day Exponential Moving Average (EMA) at $65,097.