Bitcoin prices have exceeded $114,000 as institutional demand grows, with spot exchange trade funds recording the largest inflow in weeks.
summary
- BTC trading has risen 6.1% over 30 days, with resistance approaching $1,15,000.
- The US Spot Bitcoin ETF saw an influx of $429 million led by BlackRock on September 30th.
- The technical shows neutral momentum, but shows strong support and leaves the bullish case intact.
In press time, BTC has increased by 0.5% over the past 24 hours and 1.5% over the week. Over the past 30 days, the assets have earned 6.1%, just 7.9% below the record high of $124,128, which reached August 14th.
Daily trading volume was $56.3 billion, down 6.1% from the previous session, suggesting lighter activity in the spot market. In the derivative, the Coinglass data shows the mixing conditions.
Bitcoin (BTC) futures volume rose 2% to $80.95 billion, while open interest fell slightly to $817.9 billion. This suggests that traders are active but continue to check leverage.
BTC Spot ETF inflows strengthen “from above” outlook
ETF flows will continue to promote optimism as October begins. It marked the second consecutive day of profit, resulting in a net inflow of $429.9 million on September 30th, according to data from SOSOValue.
BlackRock’s IBIT led the way with $194 million, with ARK Invest’s ARKB leading the way with $105.7 million and Fidelity’s FBTC led the way with $54.7 million. The ETF reported no spills, pushing the monthly total inflow to $3.53 billion. Analysts suggest that this trend could expand into the fourth quarter.
According to Carmelo Alemán, a contributor to Cryptoquant, over the past year, Bitcoin’s market capitalization has increased from $870 billion to $1.07 trillion, bringing the average daily inflow to $385 million. Large wallet accumulation and careful miner sales have shown a structurally bullish market, with record global liquidity potentially helping to increase BTC.
Aleman argued that these factors set the highest ever new stage with an ambitious projection of $180,000 within the fourth quarter.
Bitcoin price technology analysis
Bitcoin is consolidating just below the $115,000 resistance level. Bollinger bands show that volatility is likely to increase as the price leans towards the upper band. A stochastic read of 61 suggests that the market is not yet overheating, but the relative strength index is 54, indicating neutral momentum.
Bullish cases support most of the moving average. A simple 200-day moving average of $104,920 provides a solid floor, while the short-term and long-term averages are still in the purchase area. A strong breakout of over $115,000 can open the door to August highs. This is nearly $124,000. Immediate support is around $113,000.
In a bullish scenario, Bitcoin could rise to a new high if institutional accumulation and ETF demand persist. The overall structure remains supportive, but the bearish turn will likely lead to a $110,000 retest.