Key Takeaways
- • Bitcoin traded above $83,000 on Wednesday, up 2.5% over 24 hours, as renewed inflows into US spot Bitcoin ETFs supported the recovery, according to Cryptonews.net citing SoSoValue data.
- • US spot Bitcoin ETFs recorded net inflows of $526.60 million on Monday and $23.16 million on Tuesday, a combined $549.76 million that reversed last week's $228.58 million in withdrawals.
- • Switzerland's FINMA approved a domestic spot Bitcoin ETF for Swiss retail investors on Tuesday, expanding access through a Swiss investment fund structure.
- • Bitcoin futures open interest rose nearly 3% over 24 hours to $54.83 billion, while $66.60 million in liquidations, 86% of them short positions, indicated leveraged bears were forced to close.
- • Bitcoin is holding above its 50-day EMA ($80,787) and 50% Fibonacci retracement ($81,182), with the $85,000 level and September swing high near $87,396 as the next resistance points.
Summary
Bitcoin traded above $83,000 on Wednesday, gaining 2.5% over the previous 24 hours, as renewed buying through US spot exchange-traded funds strengthened its recovery, according to Cryptonews.net. The article attributes the rally primarily to two consecutive days of ETF inflows. Data from SoSoValue showed net inflows of $526.60 million on Monday and $23.16 million on Tuesday, a combined $549.76 million that contrasts with $228.58 million in net withdrawals the previous week. Although Tuesday's inflow was far smaller than Monday's, the consecutive positive sessions point to improving demand. The source cautions that ETF flows do not identify every buyer as an institution, so the data does not establish who is driving the reversal.
A separate regulatory development also featured in the coverage. On Tuesday, Switzerland's FINMA approved a domestic spot Bitcoin ETF available to Swiss retail investors, expanding access through a Swiss investment fund structure with requirements addressing investor protection and transparency. The article notes that approval alone does not establish how much capital the product will attract or its eventual effect on Bitcoin demand.
Derivatives data point to a bullish tilt, with caveats. Bitcoin futures open interest rose nearly 3% over 24 hours to $54.83 billion, according to CoinGlass, a change that may reflect new positions, higher prices, or both. Liquidations totaled $66.60 million over 24 hours, of which short positions accounted for $57.70 million, or roughly 86%. The open-interest-weighted funding rate stood at a positive 0.0094%, meaning longs were paying shorts across tracked perpetual markets. The article notes that positive funding leaves leveraged longs exposed should the recovery reverse.
On the technical side, Bitcoin was trading around $83,500 above its 50-day EMA at $80,787 and 200-day EMA at $76,112, and above the 50% Fibonacci retracement at $81,182, measured from September's advance between $74,967 and $87,395. The $81,182 to $80,787 zone is identified as near-term support, with the 200-day EMA as a deeper reference. The $85,000 level is the nearest recovery milestone, followed by the September swing high near $87,396. A sustained breakout above that high would strengthen the case for $90,000, with the 161.8% Fibonacci extension at $95,075 as a conditional upside target. The Relative Strength Index has risen to 54, and the MACD remains marginally below its signal line with a shrinking negative histogram, suggesting bearish pressure is fading but momentum has not fully turned bullish.
A separate regulatory development also featured in the coverage. On Tuesday, Switzerland's FINMA approved a domestic spot Bitcoin ETF available to Swiss retail investors, expanding access through a Swiss investment fund structure with requirements addressing investor protection and transparency. The article notes that approval alone does not establish how much capital the product will attract or its eventual effect on Bitcoin demand.
Derivatives data point to a bullish tilt, with caveats. Bitcoin futures open interest rose nearly 3% over 24 hours to $54.83 billion, according to CoinGlass, a change that may reflect new positions, higher prices, or both. Liquidations totaled $66.60 million over 24 hours, of which short positions accounted for $57.70 million, or roughly 86%. The open-interest-weighted funding rate stood at a positive 0.0094%, meaning longs were paying shorts across tracked perpetual markets. The article notes that positive funding leaves leveraged longs exposed should the recovery reverse.
On the technical side, Bitcoin was trading around $83,500 above its 50-day EMA at $80,787 and 200-day EMA at $76,112, and above the 50% Fibonacci retracement at $81,182, measured from September's advance between $74,967 and $87,395. The $81,182 to $80,787 zone is identified as near-term support, with the 200-day EMA as a deeper reference. The $85,000 level is the nearest recovery milestone, followed by the September swing high near $87,396. A sustained breakout above that high would strengthen the case for $90,000, with the 161.8% Fibonacci extension at $95,075 as a conditional upside target. The Relative Strength Index has risen to 54, and the MACD remains marginally below its signal line with a shrinking negative histogram, suggesting bearish pressure is fading but momentum has not fully turned bullish.
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