Bitcoin price was stuck in a tight range on Saturday, July 5, as the recent recovery faded during the US Independence Day Weekend.
Bitcoin (BTC) was trading at $108,000, lower than this week’s high of $110,000, and 10% above the lowest point this month.
Spot Bitcoin ETFs continued their strong performance this week, with their cumulative inflows soaring by $769 million. That’s down from $2.2 billion the previous week. The weekly decline is partially due to the fact that this week had four U.S. trading days, in observance of Independence Day — a federal holiday in the United States.
These ETFs have experienced cumulative inflows of $49 billion, indicating that they may surpass the $50 billion mark next week. BlackRock’s iShares Bitcoin Trust, whose ticker is IBIT, has had cumulative inflows of $52.6 billion.
IBIT now holds over $76.5 billion in assets, making it one of the biggest ETFs in the United States. It ranks in eighth position among all BlackRock ETFs as it recently passed the iShares Core S&P Total US Stock Market ETF and the iShares Russell 2000 ETF.
Observers note that the fund is likely to reach the $80 billion milestone soon.
IBIT has been the fastest-growing ETF ever and is continuing to close the gap with the SPDR Gold Trust, which has $101 billion in assets. GLD was established in 2004.
Bitcoin demand continues rising
The number of Bitcoin treasuries established by corporations is gaining momentum. Strategy is leading the way with 597,325 coins. These companies now hold 848,902 coins.
The rising demand for Bitcoin is occurring at a time when the supply on exchanges has dropped to 1.2 million, from a year-to-date high of over 1.5 million.
Recently, shareholders of Vanadi Coffee approved a strategy to acquire more Bitcoin for its balance sheet. The publicly-listed chain that currently operates six cafes based only in Alicante, now aims to become the largest Spanish company with a Bitcoin treasury.
Swedish gaming and web3 company Fragbite Group is also establishing a Bitcoin treasury to ‘future-proof’ its balance sheet. The firm has also appointed a dedicated director to oversee its Treasury operations.
Bitcoin price technicals point to a rebound
The daily chart suggests that Bitcoin may be a coiled spring, ready to pounce. It has remained above the 200-day Weighted Moving Average and formed two unique patterns that often lead to more gains.
It has formed a cup-and-handle pattern and is now in the latter section. It has also formed a bullish flag pattern, which has a tall vertical line and a falling channel.
Therefore, the most likely scenario is where Bitcoin breaks out and surges to a high of $144,000 in the coming months. A drop below the lower side of the flag section will invalidate the bullish outlook.
