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Highlights
- Bitcoin price resumes the uptrend above the 20-day short-term support as bulls target $70,000.
- BTC ETFs experience $506 million in weekly fund inflows, suggesting growing sentiment and investor confidence.
- Solana price climbs past $160, triggering $2.24 million in short positions liquidations.
Bitcoin (BTC) price exhibited calmness after an eventful week, culminating in rapid upward movements across the market. Despite glaring signs of profit-taking, higher support is expected to bolster the largest crypto’s uptrend, especially after a major spike in assets under management inflows. Solana price bulls are focused on defending $160 support to renew the bid for the extended rally to $180.
Bitcoin Price Takes A Breather, Uptrend To Continue
Bitcoin price reached $65,000 amidst last week’s broadband bullish momentum triggered by global markets’ embracing the Fed’s Chair, Jerome Powell’s speech at the Jackson Hole meeting in Wyoming. Both small and large-cap altcoins responded positively, with Ethereum reaching $2,820, Solana at $162, and Ripple (XRP) at $0.63.
According to the latest CoinShares report, digital asset investment products witnessed inflows summing to $533 million. This highlighted the largest inflows in five weeks. As per the statistics below, investors primarily focused on Bitcoin, which posted $543 million in inflows, reflecting the asset’s sensitivity to interest rate expectations.
On Friday, Bitcoin ETFs logged $252 million of net inflows while the trading volume across all 11 products surpassed $3.12 billion, SoSoValue data shows. BlackRock’s IBIT extended the lead with $1.2 billion in trading volume and $83 million in net inflows. Fidelity’s FBTC came second with $64 million, while Bitwise’s BITB came third with $42 million. Grayscale’s GBTC was the only product in the red, showcasing $35 million in net outflows, although its mini Bitcoin fund recorded $50 million in inflows.
BTC price hovered at $63,722, sitting above the 20-day Exponential Moving Average (EMA) at $63,386 and below the previous day’s open of $64,225. This key support is critical for the resumption of the uptrend, otherwise BTC may start to trim last week’s accrued gains.
Traders will look for a rebound above $64,000 to increase exposure on long positions while anticipating BTC to advance to $70,000 this week. The above-mentioned increase in digital investment products could accelerate the upswing as confidence improves.
Based on an earlier Bitcoin price prediction, movement below the 20-day EMA could ignite a sell-off to $62,000 or the 20-day EMA. The down leg may extend to $60,000 if investors panic and sell in masses.
Solana Price Analysis: What’s Next As SOL Retests $160
Solana price swiftly returned from support at $140 to $162 amid the uptick in crypto prices on Friday and throughout the weekend. Coinglass data shows a spike in short positions liquidations, reaching $2.24 million in 24 hours and $682k on Monday. About $1 million long positions were liquidated in the last 24 hours and $766 on the day.
The competitive smart contracts token, known for its drastic price actions, currently seeks support at $160 amid calls to extend the leg up to $164 and complete the falling wedge pattern’s 14% breakout to $164.
An upcoming 50-day EMA and 200-day EMA crossover will encourage traders to focus on long positions. The golden cross suggests that SOL price is gaining momentum and may continue to rise.
A daily close below $160 support areas will accentuate correction with Solana price forecast targeting $155 near the 20-day EMA. The RSI is back in the neutral region and dropping to tag the midline (50), which may call on traders to consider shorting SOL, intending to buy at lower levels, including $150 and $140.
Frequently Asked Questions (FAQs)
1. Why did Bitcoin investment products see $543 million in weekly inflows?
2. Will Bitcoin debut above $70,000 this week?
3. Where is Solana price headed?
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