Bitcoin [BTC] has finally caught the attention of Wall Street investors. After five consecutive days of outflows, Spot Bitcoin ETFs recorded massive inflows on June 12. Whales are showing a similar bullish stance, indicating growing confidence in these assets.
At the time of writing, BTC was up 1.30% over the past 24 hours and trading at the $63,750 level. Despite the price increase, market participants seemed hesitant, as evidenced by trading volume, which fell 16% to $24.07 billion.
On-chain and derivatives data indicate a shift in market sentiment
Data from the analytics platform SoSoValue reveals that on June 12, US Spot Bitcoin ETFs recorded strong inflows of $85.85 million.
These inflows came after five consecutive days of outflows, indicating that institutional sentiment may be turning bullish again as investors return to accumulate BTC in anticipation of a possible price reversal.
Meanwhile, crypto investors are also following a similar trend by accumulating BTC. Crypto transaction tracker Onchain lens shared a post on X noting that a newly created wallet withdrew 328 BTC worth $20.08 million from Binance.
Besides investors and long-term holders, traders are also following a similar trend. Data from derivatives analysis platform CoinGlass shows that Bitcoin’s Long/Short ratio has risen to 1.03, indicating growing bullish sentiment among traders.
Meanwhile, the OI-weighted financing rate has turned positive and reached +0.0068%, indicating increasing confidence in a possible upward move.
At the time of writing, there were two major liquidation clusters at $63,029 and $64,415, where traders have built up significant leveraged positions. Traders at these levels have built $315 million in long-leveraged positions and $305 million in short-leveraged positions.
When this on-chain data is combined with statistics from the derivatives market, it appears that investors and traders alike are bullish on BTC and expect the value to continue its upward movement in the coming days.
Bitcoin expects a price increase of 8%, but there is a catch
According to the daily chart on TradingView, BTC appears to be recovering but is currently approaching a key resistance level at $63,900.
The asset has been dealing with this level for the past nine trading days, and each time it approached this level, BTC experienced selling pressure and recorded a notable price drop.
This time, however, the sentiment seems to be different. Based on the current price action, if BTC overcomes this hurdle and closes a daily candle above the $64,000 level, it could open the door for further upward movement.
If that happens, BTC could see an additional price gain of over 8% and possibly reach the $69,500 level.
However, if it fails to break above the $64,000 level, history could repeat itself, with the asset facing renewed selling pressure and a notable price drop.
Final summary
- US Spot Bitcoin ETFs recorded an inflow of $85.85 million after five consecutive days of outflows.
- BTC’s daily chart shows the asset approaching a key hurdle at $63,900, and a successful breakout above could trigger an additional 8% price gain.