Bitcoin Hits $66K on ETF Inflows, But Pro Caution Persists: $69K Test Looms
Bitcoin's recent surge, fueled by fresh ETF inflows, faces a critical test. Professional traders remain on the sidelines, creating a market divergence. The $69,000 level is now the battleground.
Bitcoin briefly topped $66,800, its strongest level in a month, driven by $981.2 million in net ETF inflows over seven days. This reverses a prolonged outflow period, sparking hope for a sustained rally.
However, a deep divergence emerges. While ETFs absorb supply, professional desks show caution. The Coinbase Premium Index has been negative for over 900 hours, signaling weaker demand on Coinbase compared to Binance.
This split fuels a broader debate: Is Bitcoin now a macro asset, or still bound by its four-year cycle? Grayscale points to macro factors, while Glassnode insists this is a bear-market rally until proven otherwise.
The proof lies at $69,000, the Short-Term Holder Cost Basis. A reclaim on steady inflows opens the path to $84,000. Rejection sends price back to the $63,000 demand shelf. Bulls must prove their strength.