Bitcoin builds pressure with bullish patterns as ETFs fuel breakout hopes 💧

BlackRock’s IBIT leads the charge. The ETF added over $52 billion in assets. It now holds $74.5 billion, making it one of the biggest ETFs in the U.S. Fidelity’s FBTC has $12 billion in inflows and now has $21.5 billion in assets.

The soaring Bitcoin demand is happening at a time when the supply on exchanges has continued falling. Santiment data shows that there are 1.21 million coins on exchanges, its lowest level since December 2017.

Bitcoin chart analysis 📈
The daily chart indicates that Bitcoin has rebounded over the past few days, rising from a low of $98,253 to $107,400. It remains above the 50-day and 100-day Exponential Moving Averages, a sign that bulls are in control.

Bitcoin has formed a bullish flag pattern, one of the most positive signs in technical analysis. This pattern comprises a vertical line and a descending channel, which is part of the flag.

It has also formed a cup-and-handle pattern, consisting of a rounded bottom and a descending channel. This channel is part of the bullish flag.

Therefore, the most likely scenario is that it rebounds and possibly reaches its all-time high of $111,900. A move above that level will indicate further upside, potentially reaching the psychological point at $115,000.
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