Bitcoin jumped more than 5% on Wednesday, climbing toward $69,000 as fresh institutional buying helped the cryptocurrency recover from recent selling pressure.
The main driver was renewed demand for US spot Bitcoin ETFs. The funds attracted $297.5 million in net inflows in a single day and more than $486 million over two days, with BlackRock’s IBIT leading the buying. This was a notable turnaround after Bitcoin ETFs recorded roughly $385 million to $390 million in outflows earlier in the week.
Bitcoin traded as high as $69,500 during the session after starting the day near $64,000. The rally also pushed BTC back above its 20-day and 50-day moving averages, suggesting that short-term momentum has improved.
However, there are still reasons for caution. Bitcoin is approaching its 200-day moving average near $69,082, which could act as an important resistance level. At the same time, miners including Riot Platforms have increased selling, while long-term holders reduced their share of Bitcoin supply by around 356,000 BTC over the past month.
So, while institutional investors appear to be buying again, other parts of the market are still selling. That helps explain why Bitcoin’s short-term picture has improved while its longer-term recovery remains uncertain.
Investor takeaway: The return of money into Bitcoin ETFs has given BTC a strong short-term boost. The next test is whether Bitcoin can stay above the $69,000 area and turn the rebound into a more sustained recovery.
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