Bitcoin has recently crossed the $94,000 threshold again, reinvigorating talk of a bitcoin $100k bullish run. This retest, the first since March 3rd, arrives during an unprecedented wave of Bitcoin ETF optimism and important developments on the technical front. The cryptocurrency’s market capitalization is $1.85 trillion, reiterating its stronghold in the digital asset ecosystem.

Market Performance and Dominance

Bitcoin’s market dominance sits at 63.52%, emphasizing its pledge to lead the crypto market. Bitcoin has traded $30.77 billion in the last 24 hours. This indicates a 40.87% decrease in trading volume from yesterday. This drop may be an indicator of changing market dynamics.

Despite the fall in trading volume, key technical indicators point to an underlying strength. The Price of 200-day Moving Average (MA) remains a strong support level, as Bitcoin price always bounced off from it. A positive MA crossover of the 20 and 50-day MAs on the daily time frame indicates strengthening bullish momentum. Bitcoin has near-term support at $91,500. A more modest support level at $87,000 provides a cushion towards any downward movements.

ETF Flows and Investor Sentiment

One look at recent developments in Bitcoin ETFs demonstrates a tale of two markets and the ongoing battle of investor sentiment. Despite some ETFs losing flows as interest rates rose, many attracted large inflows, meaning the sum of the flows was still net positive. Bitwise’s crypto ETF “BITB” had a flow of -$15.2 million, showing that even some of the most crypto-enthusiastic investors are starting to retreat.

Ark’s "ARKB" ETF saw a huge inflow of $129.5 million which showed that the investors’ confidence is undeterred. Fidelity’s similarly abbreviated ETF, “FBTC” attracted the most interest overall with $124.4 million in inflows. For example, Grayscale’s nascent “BTC” ETF had an inflow of $29.8 million, while VanEck’s “HODL” ETF saw an inflow of $5.3 million. All these movements put together made for a net movement of +$917 million for the day. This is the fourth straight day of positive inflows for Bitcoin ETFs.

Market Outlook

The retesting of $94,000 as support is a major bullish signal for Bitcoin, strengthening the case for further upside potential. In summary, positive ETF flows combined with a number of supportive technical indicators indicate a bullish outlook. Investors have to be on their toes. We know the cryptocurrency market is wildly volatile, and we know that ETF investments can swing widely.