Bitcoin, Retail Investors Are Late Again...Crypto Market 'Stirs' on ETF Money Bomb

▲ Bitcoin (BTC) and US Dollar (USD)

As institutional funds flowed back into Bitcoin (BTC) spot ETFs, the cryptocurrency market recovered to a size of $2.63 trillion, and Toncoin (TON) recorded a surge of around 30% in one day, boosted by positive news from Telegram.

According to crypto-specialized media BeInCrypto on May 6 (local time), the total cryptocurrency market capitalization rose by 0.66% to $2.63 trillion. Since the previous day's close, an additional $17.14 billion has been added to the market, and Bitcoin remained within its ascending channel at $80,405. The total cryptocurrency market capitalization has steadily rebounded since its low of $2.48 trillion on April 29, with $2.64 trillion identified as a short-term resistance level.

The surge was fueled by inflows into Bitcoin spot ETFs. On May 1 alone, US Bitcoin spot ETFs saw an inflow of $573.28 million, marking the largest single-day net inflow since January. BeInCrypto analyzed that if the daily closing price forms above $2.64 trillion, the next target zones of $2.69 trillion and $2.73 trillion could open up. Conversely, if the defense of the $2.64 trillion to $2.58 trillion range collapses, $2.48 trillion could again be exposed to selling pressure.

Bitcoin traded at $80,405, up 0.69%, moving within the parallel ascending channel that has continued since late March. The Chaikin Money Flow (CMF), which combines price and volume to show buying and selling pressure, recorded 0.11, indicating an upward trend. BeInCrypto explained that this indicator supports the recovery of institutional buying.

If Bitcoin surpasses $82,139, $83,846 and $86,277 were presented as the next price levels, and the upper expansion zone of the channel was mentioned as $89,372. On the downside, $80,432 acted as immediate resistance, with $78,320 as the primary defense line and $74,906 as a deeper support level. BeInCrypto analyzed that a daily closing price above $82,139 would almost confirm a channel breakout.

Toncoin rose by approximately 30% in 24 hours to trade at $1.744 after Pavel Durov announced a 6-fold reduction in transaction fees and Telegram becoming the largest validator. Durov stated, “TON fees have been reduced by 6 times, making them almost zero,” adding, “The next step is for Telegram to become the driving force behind TON and its largest validator, replacing the TON Foundation.”

Meanwhile, BeInCrypto analyzed that Toncoin showed a breakout from a cup-and-handle pattern, and if it surpasses $1.79, it could extend its rally to target areas around $1.94. However, if it fails to break $1.79, $1.59 and $1.52 were presented as the next defense lines.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*