Bitcoin Reclaims $64,300 as Institutional Demand Returns Amidst Ongoing Middle East Tensions
Bitcoin's price has recovered some of its recent gains, reclaiming the 50-day Exponential Moving Average (EMA) at $64,300. The recovery is attributed to renewed institutional demand, with over $137 million in ETFs inflows on Monday.
Coinglass data shows spot ETFs recorded an inflow of $137.30 million on Monday, snapping three days of outflows since last week. Strategy announced that the firm increased its USD Reserve by $150 million, bringing total reserves to $4.80 billion.
However, Middle East tensions continue to weigh on broader risk sentiment, limiting Bitcoin's upside. A vessel was struck by an unknown projectile while transiting in the Strait of Hormuz, and US President Donald Trump said he is not interested in renewing the expiring agreement with Iran.
The Relative Strength Index (RSI) near 51 hints at only modest, neutral-to-bullish momentum, suggesting that a breakout or breakdown could be imminent. The Moving Average Convergence Divergence (MACD) hovering slightly below zero suggests a lack of strong directional drive.