- Bitcoin’s rally, fueled by institutional inflows like BlackRock’s spot Bitcoin ETF, is showing signs of losing momentum, with technical indicators suggesting a potential pullback.
- A break below the 102,291 support level could confirm a short-term top, leading to a deeper correction.
Bitcoin surged impressively last week, gaining strength from rising global risk appetite and a steady wave of institutional inflows. At the heart of this surge was BlackRock’s spot Bitcoin ETF, which has now recorded 19 straight days of inflows — the longest streak of the year so far. This persistent demand has fueled strong upward pressure on bitcoin, pushing it close to the record high of 109,571.
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Bitcoin Institutional Support Fueled the Rise
The sustained interest from institutional investors, especially through ETFs, played a major role in bitcoin’s recent rally. BlackRock’s inflow streak reflects continued confidence in the asset from major players, providing a foundation for bullish momentum in recent weeks.
Signs of a Slowdown Emerge
Despite the strong upward movement, technical indicators now suggest that bitcoin may be losing steam. A key warning signal comes from the 4-hour MACD, which points to fading bullish momentum. The critical support level to watch is 102,291. A confirmed break below this level would signal a short-term top, opening the door to a deeper pullback possibly down to the 93,351 zone.
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What the Correction Could Mean
If bitcoin does retrace, the nature and structure of the pullback will be crucial in determining the next major move. A shallow, well-supported correction could reinforce the idea that the rally from the 74,373 low was the beginning of a renewed long-term uptrend. However, a sharper decline may indicate that the recent surge was just the second leg in a broader corrective pattern that began after the all-time high of 109,571.
For now, all eyes remain on the 102,291 support level. Whether it holds or gives way could shape bitcoin’s direction in the weeks to come.
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