Spot Bitcoin ETFs see surge, fueling speculation of a return to Bitcoin’s all-time high with renewed market optimism - IcoHolder.

The U.S. Spot Bitcoin ETFs have experienced a substantial influx of funds this week, purchasing nearly 30,000 BTC, equivalent to $2.65 billion. This surge has reignited speculation about a potential return to Bitcoin's all-time high, with investors closely watching the price movements following a period of subdued activity.

Since February 10, when Bitcoin's price began to decline from its peak of $109,000, outflows from these ETFs had exceeded inflows, reaching a record $1 billion outflow on February 25. However, the recent uptick in purchases has given a boost to investor sentiment, which had been cautious in the wake of these previous outflows. The sharp increase in ETF inflows over the past four days signals a renewed confidence in the market, with investors now contemplating re-entering.

While traditional markets are in a state of cautious fear, with the Fear and Greed Index sitting at 33, the cryptocurrency market is showing signs of optimism. The Greed Index for crypto has risen to 60, reflecting a dramatic shift in sentiment from the previous week's fear-driven climate. This change, coupled with the ongoing stability in the U.S. stock market and potential de-escalation in trade tensions, may continue to support Bitcoin’s rally.

Short-term price movements are closely tied to resistance levels. Bitcoin's recent price action has faced rejection at the $94,000 mark, a level that had been expected to provide resistance after its sharp ascent. Analysts suggest that Bitcoin could fluctuate between $91,000 and $94,000, with the $91,000 level potentially acting as support. A drop below this point could signal a decline toward the $88,600 trend change level, while holding steady above it would signal resilience.

There is also speculation about the formation of a mini bull flag, a technical pattern that, if confirmed, could push Bitcoin’s price beyond $102,000. On the weekly chart, the MACD indicator suggests a positive shift, with the blue line moving to cross above the orange line, signaling a potential upward momentum in the coming weeks.

With these technical indicators and market sentiment lining up, Bitcoin’s journey back to its all-time highs seems increasingly plausible, though the next few weeks will be critical in determining whether the current rally can be sustained.