Bitcoin price rose and crossed the important resistance level of $65,000 as ETF inflows accelerated and as the Crypto Fear and Greed Index exited the fear zone.

BTC was trading at $66,267 on Wednesday, up by nearly 15% from the lowest level this year. 

Bitcoin ETF inflows are soaring

American investors continued buying Bitcoin ETFs this week, a sign that many of them are betting on a comeback.

Data shows that spot Bitcoin ETFs added $203 million in inflows on Tuesday, the sixth consecutive day of inflows. 

These funds have now added over $928 million in the last six days. They have added over $628 million in assets this month.

If this trend continues, the net inflows this month will be over $1 billion. This will be a good turnaround for assets that lost over $4.5 billion last month and $2.4 billion a month earlier.

Investors have also bought other altcoin ETFs. Ethereum ETFs added over $37 million in assets on Tuesday, bringing the monthly increase to $309 million.

XRP and Solana ETFs have gained $12.3 million and $13 million, respectively, this month. 

A likely reason why investors are piling back into Bitcoin is that they are buying the dip.

At its lowest level this year, Bitcoin was down by 55% from its peak in October last year.

As such, some investors believe that it has become highly oversold and that it will bounce back.

Some popular analysts have made their bullish forecasts recently.

Standard Chartered believes that the coin will jump to $100,000, while Bernstein has placed a target of $150,000, representing a big jump from the current level.

Crypto Fear and Greed index has jumped 

Bitcoin has steadied as the Crypto Fear and Greed Index has jumped from an extreme fear area to a neutral level.

The index jumped from 17 to the neutral level of 40.

This is an important gauge that looks at several metrics, including the price momentum of the top ten coins, Volmex Implied Volatility Indices (BVIV), put/call ratio in the BTC and ETH markets, and social media activity. 

The index is widely used as a measure of market sentiment, with extreme fear often coinciding with periods of heavy selling and extreme greed accompanying strong rallies.

Historically, extreme fear has often coincided with periods that later proved to be market bottoms, although the relationship is not consistent.

It then starts to drop when the index moves to either the greed or extreme greed zone.

Bitcoin has also done well, as Michael Saylor’s Strategy has avoided selling its coins.

After selling coins worth over $200 million earlier this month, the company has avoided making more sales.

Bitcoin price technical analysis

BTC price chart | Source: TradingView

The four-hour chart shows that the BTC price has drifted upwards in the past few weeks and is now hovering near its highest level since June 16. It has formed an ascending channel and is now near its upper side. 

Bitcoin has moved slightly above the 50-period Exponential Moving Average (EMA).

It has also formed an inverted head-and-shoulders-like pattern, which normally leads to more gains. 

Recently, however, there have been signs that the rebound is losing momentum.

More gains will be confirmed if it rises above the upper side of the channel.

If this happens, the next level to watch will be the psychological point of $70,000.

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