U.Today – As expected, the cryptocurrency market recovery was followed by a wide range of capital inflows, from retail investors to institutional investors. Several companies began to re-inject funds into the market in the hope of achieving a strong pullback. And they may be right.
Nine ETFs added 1,661 BTC, or $95.82 million in total, according to a recent update published on July 11. This inflow is a reliable sign of resurgent interest and confidence in the market. Fidelity added 1,006 Bitcoin, or roughly $58 million, to its total holdings, which now stand at 174,437 Bitcoin, or $10 billion.
This notable development underscores Fidelity’s positive assessment of Bitcoin’s expansion and recovery prospects. In contrast, the Grayscale-owned Bitcoin Trust saw a decline of 659 BTC valued at $38 million, bringing its total holdings to 273,483 BTC, or $15.77 billion.
Even with this cut, Grayscale still dominates the market, and fund rebalancing often results in such adjustments. We can see that the Bitcoin price is currently hovering around $57,284 if we look at the daily chart. The main support level of the 200 EMA at $58,163 is the level above which the price struggles to hold.
The 50 EMA and the 100 EMA serve as immediate resistance levels. Conversely, if the current support is broken, further declines may follow. A persistent move above these EMAs could signal a bullish reversal. The fact that BTC is being actively added to Bitcoin ETFs is supportive of the overall market sentiment.
This pattern indicates widespread institutional belief in the long-term benefits of Bitcoin. Furthermore, the market capitalization of all cryptocurrencies combined (excluding Bitcoin) has surpassed the notable $2 trillion threshold. This stage indicates possible stability and advancement in the future and acts as a zone of technical and psychological support.
This article was originally published on U.Today
