Bitcoin (CRYPTO: BTC) experienced a notable surge on Monday, briefly touching the $50,300 mark, buoyed by a week of strong exchange-traded fund (ETF) inflows and signs of increased institutional investment.
The leading cryptocurrency, which had been trading around $48,000 earlier in the day, saw a sharp increase at the start of the U.S. trading session, as per TradingView data, before stabilizing near the $50,200 level.
This upward momentum is attributed to significant inflows into spot Bitcoin ETFs, which garnered over $1.1 billion in net fresh funds last week, contrasting with the slowing outflows from established funds like the Grayscale Bitcoin Trust (OTC: GBTC) and ProShares' futures-based ETF, according to asset management firm CoinShares.
The market faces potential headwinds from Genesis, a crypto lender under bankruptcy protection that is liquidating its $1.6 billion GBTC holdings.
This move could impact ETF net inflows and Bitcoin prices in the coming months.
Also Read: Bitcoin Inflows Could Reach $130B In 2024, Says Crypto VC: 'What Is The Bear Argument Here?'
Bitcoin Technical Analysis, Predictions
CryptoCon, a prominent voice in the crypto community, highlighted Bitcoin's adherence to the "Magic Bands" technical pattern.
After breaking through the Yellow Level 1, Bitcoin's price headed straight toward Blue Level 2, retesting it at $49,600 after a brief drop.
According to CryptoCon, a firm break of a primary level typically signals a move to the next, with Level 3 looming above at $84,500 — a level never hit outside of a cycle top parabola.
Read Next: Copycat Crypto: Can You Mirror Your Way To Millions?
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