Bitcoin price approaches crucial $50K support, leading to resurgence in Bitcoin ETF inflows.

Bitcoin (BTC) experienced ongoing weakness on February 23rd as institutional investment slowed down, leading to consolidation in the market. BTC price struggled around $51,000, creating a narrow trading zone that has persisted for over a week. Concerns arose over inflows to spot Bitcoin exchange-traded funds (ETFs), as there was a significant decrease in activity in recent days. On February 21st, there was a net outflow of approximately $36 million. However, on February 22nd, there was a stronger activity with net inflows of just over a quarter of a million dollars, even after accounting for outflows from the Grayscale Bitcoin Trust (GBTC). James Van Straten, a research and data analyst at CryptoSlate, responded to this by saying, “Normality resumed with a $251M inflow into the Bitcoin ETFs.” Thomas Fahrer, CEO of Apollo, a crypto-focused reviews portal, predicted that BlackRock’s iShares Bitcoin ETF (IBIT), the largest ETF, would change the dynamics of BTC supply in the future. According to Apollo’s ETF tracker, as of February 23rd, IBIT held 124,535 BTC ($6.35 billion). On the other hand, when analyzing BTC price on a low timeframe, popular trader Skew highlighted the importance of support levels. The 88-period and 100-period exponential moving averages (EMAs) on the four-hour chart at $50,017 and $49,654, respectively, as well as the 18-period EMA on the daily chart at $49,645, played a crucial role in determining the trend. Skew stated that the uptrend remained intact, but these support levels would impact the momentum in the near term. This article does not provide investment advice or recommendations, and readers should conduct their own research before making any decisions.