Bitcoin (BTC) Price Prediction: How Will This Week Start?

On Friday, U.S. spot Bitcoin Exchange Traded Funds (ETFs) saw a significant inflow of $263 million—the largest one-day increase since July 22.

U.S. spot Bitcoin Exchange Traded Funds (ETFs) witnessed a massive inflow of $263 million on Friday, marking the largest single-day increase since July 22. This surge in inflows coincided with Bitcoin's ascent above the $60,000 threshold, culminating in a 12% gain over the past week.

delving deeper into the ETF inflows, we observe that Fidelity's Bitcoin ETF (FBTC) led the pack, attracting approximately $12 million in fresh investments and boosting its total weekly inflows to an impressive level. Notably, this follows two consecutive weeks of negative performance, during which the fund experienced outflows.

Other Bitcoin ETFs, including ARK Invest and 21Shares' Bitcoin ETF (ARCB), also enjoyed strong inflows, concluding the day with around $99 million in net gains.

In broader cryptocurrency market news, Bitcoin's price soared from $54,600 at the beginning of the week to over $60,600 by Friday. Speculation suggests that the recent surge in Bitcoin and other cryptocurrencies could be influenced by expectations of an upcoming interest rate cut by the U.S. Federal Reserve.

Bitcoin Price Prediction: How Will This Week Start?

According to analyst Josh of Crypto World, Bitcoin continues to exhibit a short-term bullish trend, despite being part of a larger bearish trend. Over the past day, there hasn't been a shift in the overall trend, as Bitcoin is still forming lower highs and lower lows on the larger timeframes. However, on shorter timeframes, Bitcoin is showing a temporary bullish trend, which has been ongoing for nearly a week.

At present, Bitcoin is approaching a critical resistance level between $60.2k and $61.2k. The analyst noted that after Bitcoin broke above $57,000 and confirmed this as a support level, the bullish sentiment grew stronger, pushing the price towards higher resistance levels. The price faced only minor resistance at $59.5k before advancing toward the current resistance zone, where it is now struggling.

If Bitcoin breaks above $61.2k, the next resistance levels lie at $63k and $64.5k, according to the volume profile indicator. On smaller timeframes, Bitcoin has invalidated a previously expected bearish divergence, continuing its bullish momentum sooner than anticipated.