The Bitcoin price is trading at $63,862 as of 12:30 am EST, DOWN 1.65% over the last 24 hours.
Bitcoin is up 11% over the last seven days in a rally that saw the big crypto rise above the $65,000 level, reaching as high as $66,139 on July 17. Supplier congestion around $65,000 has kept the price lower as bulls fight to keep the price above $64,000.
Despite this resistance, Bitcoin price still displayed strong with a bullish technical formation bringing new all-time highs on the radar.
One factor that may drive BITC’s price higher is the continued inflows into US-based spot Bitcoin ETFs. According to data from Farside Investors, US spot Bitcoin ETFs posted the tenth consecutive day of net inflows, logging $84.8 million on Thursday, July 19.
BlackRock’s IBIT posted the largest net inflows of the day, drawing in $102.7 million. The largest spot Bitcoin ETF in terms of net asset value saw $1.21 billion worth of trade volume on Thursday. The only other fund that posted net inflows was VanEck’s HODL, which reported $1.8 million.
Continued inflows into spot Bitcoin ETFs signal increasing demand from institutional investors, which is a bullish sign for BTC price
From a technical perspective, the correction in BTC’s price action is nothing to worry about. The BTC price action has led to the appearance of a bull flag on the daily chart.
This technical setup is formed by two rallies separated by a brief consolidating retracement period. The flagpole forms on an almost vertical price spike as sellers get blindsided by the buyers, then a pullback that has parallel upper and lower trendlines, which form the flag.
The technical formation is confirmed when the price breaks above the upper boundary of the flag to the upside. The target is reached by adding the percentage in the flag’s posts to the breakout point.
In this case, the flag's target is set at $74,340 for the BTC price and beyond. Whether Bitcoin price will hit $100,000 in the near future or not, it remains to be seen.