BTC Reclaims $65,000 as Bulls Regain Ground, Institutional Demand Showcases Strength

The Bitcoin price has reclaimed $65,000 after a two percent recovery last week. The bulls found support around the 200-week Simple Moving Average (SMA) at $64,009.

Strong spot Exchange Traded Funds (ETFs) inflows of $853.54 million last week indicate renewed institutional demand for Bitcoin. This could lead to further gains if these inflows continue and intensify.

The stalled Bitcoin Improvement Proposal (BIP) 110 soft fork and ongoing Middle East uncertainty may shape the outlook for BTC. BIP-110 proposed restricting non-financial data from being added to the Bitcoin blockchain, but failed to gain miner support after mining only two blocks at height 961,632.