Bitcoin Nears $119K on ETF Inflows & Accumulation
Bitcoin price surged 0.77% to near $119,000, propelled by record US spot Bitcoin ETF inflows of $2.7 billion in five days and broad accumulation across retail wallets. Exchange balances have fallen to decade lows as small investors accumulate about 19,000 BTC monthly. Technical indicators, including the 50-day moving average and RSI, signal strong bullish momentum. Immediate resistance lies at $120,000, with support between $114,000 and $116,000. Analysts caution on potential short-term pullbacks amid high RSI or divergence but anticipate continued uptrend if ETF inflows persist amid dollar weakness and tariff uncertainty.
Bullish
This news is bullish for Bitcoin. The record spot ETF inflows and ongoing accumulation by retail wallets reduce sell-side pressure and support higher prices. Technical indicators, including the 50-day moving average and RSI momentum, point to sustained upward trends, while declining exchange balances signal reduced supply. Although analysts warn of short-term corrections due to high RSI levels or potential divergence, the overall macro backdrop of a weakening dollar and tariff uncertainty provides additional tailwinds. Consequently, continued ETF inflows and retail accumulation are likely to drive further Bitcoin gains in both the short and long term.