Bitcoin Surges Past $120,000 Amid ETF Inflows
Bitcoin has crossed the $120,000 threshold for the first time in weeks, fueled by strong institutional demand and renewed optimism across the market. The leading cryptocurrency climbed to an intraday high of $120,550 before stabilizing around $119,903, posting daily and weekly gains of 1.17% and 9.71%.
The latest rally coincides with a wave of inflows into spot Bitcoin exchange-traded funds (ETFs), a sign of growing institutional confidence. Over the past four trading sessions from September 29 to October 2, Bitcoin ETFs recorded more than $2.25 billion in inflows, according to data from multiple issuers.
Institutional Demand Grows as Uptober Momentum Builds
BlackRock’s IBIT led the latest session with $466.55 million in new capital, followed by Fidelity’s FBTC with $89.62 million. ARKB, the joint offering from ARK Invest and 21Shares, added $45.18 million. Ethereum ETFs also saw strong activity, bringing in more than $1.06 billion during the same period, though their daily inflow of $307.05 million remained below Bitcoin’s figures.
The steady inflows suggest that institutional investors are positioning for further upside as October, historically known as “Uptober” for its bullish performance, gains momentum.
Technical Outlook Points to Further Upside
Technical indicators support the case for continued strength. Bitcoin’s Relative Strength Index (RSI) stands at 64.38, indicating rising buying pressure. The MACD histogram is widening, and the signal line remains bullish, signaling strong upward momentum.
Despite the positive outlook, Bitcoin faces immediate resistance at $120,550. A sustained close above this level could open the door for a rally toward $123,000. If selling pressure builds, however, BTC may retest support around $117,000, a level that previously acted as a key buying zone.
ETF Inflows Signal Growing Confidence
The consistent inflows into Bitcoin ETFs highlight growing institutional participation in the market, reinforcing Bitcoin’s status as a core investment asset. As capital continues to flow into ETFs and technical indicators point higher, Bitcoin’s return to the $120,000 range marks an important milestone in its ongoing recovery.
