Bitcoin ($BTC) briefly rose to $77,000 on Thursday as the U.S. Spot Bitcoin ETFs were recording their biggest daily net inflow since the funds were launched on 11 January this year. Huge ETF buying forces $BTC higher. $BTC bulls tiring in the short term time frames. $69,000 is support for next stage of the bull market.

Table of ContentsHuge ETF buying forces $BTC higher$BTC bulls tiring in the short term time frames?$69,000 is support for next stage of the bull marketBitcoin ($BTC) briefly rose to $77,000 on Thursday as the U.S. Spot Bitcoin ETFs were recording their biggest daily net inflow since the funds were launched on 11 January this year. Of the 17.99K BTC bought by the funds, Blackrock’s IBIT was responsible for the vast majority, with a 14.63K BTC purchase.Huge ETF buying forces $BTC higherAn absolutely massive amount of buying by theU.S. Spot Bitcoin ETFsis taking place, and it is having the effect of forcing the $BTC price even higher. Thursday’s net inflow of 17.99K BTC, equivalent to $1.36 billion, easily surpassed the previous record in March of $1.04 billion.To give an idea of the size of this one-day purchase, the total daily issuance of Bitcoin is 450 BTC. Therefore, the total buying by the ETF funds on Thursday was nearly 40 times the total daily mined amount.Michael Saylor, executive chairman and founder of Microstrategy, has let it be known that his company is going to issue debt in order to buy a further 200,000 BTC over the next five years. At the same time, the next U.S. administration is going to look at legislation that will require the US to also buy huge amounts of $BTC to be kept in a Strategic Bitcoin Reserve.Of course, this is possibly just the tip of the iceberg, as it is reasonable to expect that other countries will follow suit, potentially causing a feeding frenzy on an asset that is like no other in the financial world.$BTC bulls tiring in the short term time frames?Source:TradingViewThe short-term time frame for $BTC shows that the price has managed to get above theascending channel, which is a very bullish move, and no doubt aided by the Spot Bitcoin ETF purchases on Thursday. If Friday is another big net inflow day, $BTC could make the top of the channel a more definitive support, together with the $76,000 horizontal level.The Fibonacci sequence on the chart is only valid if $77,000 does become the top for this upside move. If this is the case, the retracement levels are $74,600, $73,000, $71,900, $70,700, and the absolute base case of $69,000, which is the deepest 0.786 Fibonacci level, and the top of the 2021 bull market.For momentum purposes, the 4-hour Stochastic RSI is on its way down, while the 8-hour and 12-hour are still very near the top. The 1-day Stochastic RSI is approaching the top. This would generally indicate that the bulls are tiring somewhat, and that some kind of a retrace would probably be forthcoming.$69,000 is support for next stage of the bull marketSource:TradingViewThe two week chart shows how important the previous bull market high of $69,000 has become. The eight months of repeatedly tapping on that resistance level displayed just how tough this nut was to crack, and finally break. Now that resistance has been broken, and assuming that the current 2-week candle will close above, it really should be onwards and upwards from here.As already discussed, there may be a bit of chop to come over the next several days, as the short-term Stochastic RSI momentum indicators come back down, but when one sees that the weekly, 2-week, and monthly indicators are angled upward, it could be expected that the price increases for $BTC continue, at least into the end of the year, and perhaps some way into 2025.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.

Bitcoin Hits $77,000 as U.S. Spot Bitcoin ETFs Record Record Inflows