Bitcoin Dey Hold Ground for $108K Because of ETF Money
Bitcoin don dey steady around $108,000 afta e don dey trade between support wey dey $103,600 and resistance near $109,300. During US Independence Day weekend, price remain below di weekly high of $110,000 but e still dey roughly 10% above di low for dis month. Strong spot buying, wey dem show from sustained Coinbase premium, plus increasing institutional demand dey support di rally. Meanwhile, spot Bitcoin ETFs gel $769 million inflows during di holiday-shortened week, bringin total inflows to $49 billion since dem launch am. BlackRock’s iShares Bitcoin Trust (IBIT) dey lead with $52.6 billion net inflows and $76.5 billion assets, almost catch SPDR Gold Trust (GLD). Corporate adoption don also fasten: 51 firms now hold 848,902 BTC, MicroStrategy get 597,325 BTC, and exchange supply don drop to 1.2 million BTC. Technical indicators dey show bullish patterns, suggest say e fit break out reach $144,000 if Bitcoin pass key resistance with high volume. But rising US Treasury yields and persistent inflation still dey challenge. Traders suppose watch support at $103,600 and resistance at $109,300 for signs of next big move.
Bullish
Di kombineshon wey dey involve sustained ETF inflows, strong Coinbase premium plus di falling supply for exchange dey show say institutional and corporate demand for Bitcoin dey increase. For short term, di consolidation between key support and resistance levels dey set stage for breakout; if e close decisively pass $109,300 with high volume, e fit trigger quick rally go $120,000 or more. For long term, di total $49 billion wey ETF don flow in, together with big investment firms like BlackRock wey dey near gold fund assets under management, dey signal say mainstream adoption dey strong which fit push price enter higher. But traders for watch US Treasury yields and inflation data as possible wahala wey fit stop price from rising more or force am make e pull back.