Bitcoin attained a new all-time high on Sunday, hitting $125,770 on Coinbase. Over the course of the previous week, the U.S. Spot Bitcoin ETFs attracted one of the biggest weekly inflows of 27.78K BTC. Is the stage now set for a huge multi-month surge to the cycle highs? U.S. Spot Bitcoin ETFs pull in large weekly inflow Last week was a green week as far as the U.S. Spot Bitcoin ETFs were concerned. Money poured in all week to buy Bitcoin, and this reached a crescendo on Friday as 8.18K BTC were purchased in one day, attributing to a total inflow for the week of 27.78K BTC. Long term holders finished selling? The only large fly in the ointment now is whether long term holders have finally finished cashing in their chips. According to on-chain data from Glassnode and Cryptoquant, a conservative estimate of the total of long term holder selling since July is from 350,000 to 400,000 BTC. Are $BTC buyers exhausted yet? Source: TradingView While a new all-time high was made on Sunday, it does look like some kind of a reversal may be starting to take shape. After leaving a couple of decent sized candle wicks to the upside on the 4-hour chart, the price is showing signs that it might be about to roll over. This can be seen in the price action and the two indicators at the bottom of the chart, especially the RSI, which shows its indicator coming down from a very overbought condition. As this indicator continues to fall, look for support to be found at the 50.00 level. In the price action, a flag might now start to form. This would be a very healthy pattern that would provide more time for the shorter term Stochastic RSIs to reset to the bottom, ready for the next upward leg. Of course, as it has been doing up to now after its breakout, the $BTC price could just continue to climb. Bullish sentiment has returned to Bitcoin and dips for buying have become ever shallower. Channel breakout move to $129,500? Source: TradingView The $BTC price continues to trade at the level of the previous all-time high. Underneath the price, an initial band of support stretches from $120,000 down to $117,000. While the price may certainly come down to test these, it still has not reached the measured move of the descending channel breakout, which would take the price to $129,500 should it play out. At the bottom of the chart, the RSI has its indicator approaching a nearly year-long descending trendline. It will need to break through this trendline and reach the 85.00 level in order to cancel out bearish divergence. Big move coming Source: TradingView The 2-week chart shows the supports that are now becoming a solid base under the $BTC price . $117,000 is now easily the next most critical support on the way down. If this can be tested as support at the end of this week, an entry into price discovery should follow. The RSI indicator is now right up against the descending trendline that stretches from Q1 2024. A breakthrough and confirmation above would be a very bullish signal, while it can be seen in the Stochastic RSI that the indicator lines have crossed back up. The scene is set for a big move going into the end of this year. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
