Data from CoinShares shows that, despite BTC’s latest drop from its January 20 all-time high, spot exchange-traded funds (ETFs) linked to this digital asset have received a staggering amount of $5.6 billion in net capital inflows.
This has probably helped cushion the blow that macroeconomic headwinds like the Federal Reserve’s neutral stance on interest rates and Donald Trump’s intentions to engage in a trade war have dealt to the crypto market.
Triangle Breakout Could Push BTC to $125,000
Bitcoin’s daily price chart shows that the token has been in consolidation mode since the beginning of February, as it found strong support at around $93,000.
Using the pre-election bottom as a starting point for a Fibonacci retracement analysis and the latest all-time high as the peak of what could be the first wave of bullish price action for BTC, we can see that the price is hovering right above the 23.6% retracement level.
The selling pressure that BTC took during this brief market correction did not push the token below the 50% retracement area, meaning that sentiment is still bullish.
