FX168 Financial News (Asia Pacific) News On Tuesday (April 23), after Bitcoin successfully broke through $67,000, it fell slightly back to the $66,800 level. Bitcoin Spot ETF (IBIT), a subsidiary of BlackRock (BlackRock), an asset management giant that manages $9 trillion, performed brilliantly, with a net inflow of over 600 million US dollars on Monday, achieving net inflows for the 70th day in a row. Analysts called out a Bitcoin target price of 81,000 US dollars, believing that the currency price will reach a new high.
(Source: FX168)
BlackRock Bitcoin Spot ETF continued its strong performance on Monday, achieving net inflows for the 70th day in a row, making it one of the top 10 ETFs with the longest daily net inflow days.
Earlier on Monday, Eric Balchunas, a senior ETF analyst at Bloomberg, posted a chart on Twitter showing that if BlackRock's fund IBIT successfully achieves its 70th consecutive net inflow day, then the ETF will rank among the most successful funds in history. #现货比特币ETF #
(Source: Twitter)
Eric mentioned, “IBIT's net inflow days is currently 69 days, and one day, it will be in the top ten, tied with JETS.”
According to data released by Eric, the JETS exchange-traded fund combined shares of airline industry companies and also achieved net inflows for 70 consecutive days. Until Monday, JETS alone occupied the 10th position. According to Bloomberg analysts' post, J.P. Morgan's premium income ETF (JEPI) topped the list with 160 consecutive days of net inflows.
BlackRock's net inflow of spot bitcoin surpassed 600 million US dollars on Monday, bringing its total assets under management (AUM) to 18.2 billion US dollars, according to official BlackRock sources.
According to the forecast of analyst firm 10x Research, if Bitcoin succeeds in reaching a new record high, it is expected to reach $81,000. However, if it fails to break through, it could test the $52,000 support.
The rebound in Bitcoin's price can be attributed to several factors: the easing of tension in the Middle East, lower Bitcoin transaction fees, and positive expectations for profits from big tech companies.
The easing of tension in the Middle East has increased Bitcoin's positive momentum. According to Reuters, after the April 20 attack near Isfahan, Iran's foreign minister downplayed the incident and denied any involvement with Israel. Earlier concerns about the escalation of the situation drove the price of gold to soar above 2,400 US dollars on April 19, close to a record high. #中东局势 #
Furthermore, on April 20, the US House of Representatives passed a series of foreign aid bills to allocate 95 billion US dollars to international allies. This decision has exacerbated the country's already growing fiscal debt.
On April 17, the International Monetary Fund (IMF) issued a warning that the US dollar may weaken due to rising public debt financing costs.
However, in addition to socioeconomic and traditional market factors, after Bitcoin was halved on April 19, transaction fees soared above $100, and the price of Bitcoin experienced a significant rise. This growth was driven by high demand for inscriptions, ordinal numbers, and new coins. Launching the Runes protocol, Bitcoin miner's daily earnings reached a record high on April 20.
According to mempool.space, increased demand over the weekend eased somewhat, and transaction fees fell to $12 on April 22. This is down from $19.40 the day before. On the positive side, the surge in demand for block space has allayed investors' concerns that the reduction in mining incentives may have a negative impact on the network's computing power, particularly if some miners are forced to quit after Bitcoin is halved.
Bitcoin technical analysis
CMTrade said that Bitcoin's RSI is above the neutral zone of 50, and the MACD is below the signal line, showing a positive value, and the price is likely to pull back.
Furthermore, the price is above the 20 and 50-period moving averages, which are $66203 and $65,704, respectively.
“Our pivot point is at 64980, and our preference is to look for $69,240 as long as $64980 is support.”
“Another scenario is that the downside breaks through $6,4980 and will require $6,3410 and $62,480.”
(Source: CMTrade)