- $2.2B ETF inflows spark bullish Bitcoin momentum
- Bitcoin hits Wyckoff support, eyes breakout
- Miners profit $18M+ as BTC nears $100K goal
Bitcoin has completed the Wyckoff Accumulation Cycle, reaching the last Point of support after a difficult spring phase. Market analysts now observe signs of strength across technical indicators and institutional flows. With prices retesting previous highs, Bitcoin is preparing for a potential breakout as bullish pressure returns.
ETF Inflows and Institutional Activity Indicate Market Shift
According to analysis prepared by Farside Investors, spot Bitcoin ETFs recorded $2.2 billion in inflows from April 20 to April 23. This marked a key reversal following a period of net outflows. Five ETFs saw positive flows on April 23 alone, with BlackRock’s IBIT leading with $643.2 million.
ARK’s ARKB added $129.5 million, while Fidelity’s FBTC and Grayscale’s BTC recorded $124.4 million and $29.8 million, respectively. Only one ETF showed outflows. The strong inflows have been interpreted by analysts as a sign that institutional demand is regaining control. Retail activity appears to have slowed.
John D’Agostino of Coinbase Institutional said, “Institutions, sovereigns, patient pools of capital were piling in,” suggesting a broader shift in market drivers. He also noted that some sovereign funds are holding Bitcoin in local currencies to hedge against potential weakness in the U.S. dollar.
Technical Indicators Reflect Strength, $100K Target in Focus
The current Bitcoin price sits near $93,000, recovering over 9% in the last week. According to Bitfinex analysts, the rally has been supported by ETF momentum and expectations of stable monetary policy. They added that Bitcoin is showing strength against both equities and the dollar.
Technical analysis shows bullish movement, with the 20-day and 50-day moving averages converging. The RSI remains near overbought levels, while the 200-day moving average offers strong support. On-chain activity also confirms the breakout setup.
According to a post by Ali on X, “Bitcoin miners locked in over $18.57 million in profits as prices surged.” Bitcoin is now positioned beyond the Wyckoff spring and near a last point of Support, signaling that a breakout may soon follow.
