• Bitcoin shows steady recovery as U.S. Spot ETF inflows gradually boost market momentum.
• Positive ETF inflows drove Bitcoin’s recent $107,000 rally, though demand remains relatively low.
• Analyst Ali Martinez notes that breaking $120,000 is a key milestone for Bitcoin’s next surge.

Bitcoin is showing signs of steady recovery from recent dips due to increased activity in U.S. Spot ETFs. Although demand is gradually rising, it is still relatively small compared to past large-scale price movements. Analysts have observed that if a resistance level is breached, it can pave the way for a new all-time high for Bitcoin.

Bitcoin $107,000 Rally Fueled by ETF Inflows

On-chain market analysis website Glassnode’s data reveals that this past rally in and around $107,000 has come as a result of positive inflows associated with the US Spot ETF.

However, this level of influx is still under 1,000 but significantly lower than when the rally first started in this market cycle, and is over 2,500. Therefore, it is apparent that demand is slowly resurfacing, but it is not substantial enough to spark a significant rally.

Bitcoin Needs Critical Level To Rally

Adding more perspective to this is that of crypto analyst Ali Martinez, who stated that for a new all-time high value of around $143,000 to happen in relation to BTC, it will have to “break past $120,000 initially.” Martinez added that “Breaking $120,000 is the key milestone. It will set the stage for a new significant surge in BTC.”

At press time, BTC is trading at $113,369. The market capitalization is recorded at $2.26 trillion with a trading volume of $95.04 billion in a span of 24 hours. Over the past 24 hours, the price has seen a slight decline of 0.76%.

As market investors observe these critical points, investors and fans are sure to monitor the current action in ETFs and its impact on the short-term momentum in BTC.

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Bitcoin Holds Steady Near Key Support Levels

The RSI for Bitcoin is 53.49. The indicator has neutral momentum as both counteractive forces have balanced power. The MA Ribbon shows that there is strong support in the long run. The 20 SMA is 113,829. The 50 SMA is 102,948. The 100 SMA is 81,690. However, this position suggests that a break below 102,948 could keep it stable.

On the MACD side, the MACD line (3,860) is still below the signal line (5,014), indicating a weak bearish sentiment. The histogram is still slightly negative, indicating a gradual weakness in the bullish market. However, if a crossing point is reached soon, this will help BTC recover its upside strength.

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