Bitcoin (BTC) price has been in a persistent downtrend since January, but the April 22 surge past $91,000 marks its first higher high breakout of the year and the potential start of a new longer-term uptrend.Bitcoin 1-day chart. Source: Cointelegraph/TradingView
The higher high pattern occurred after BTC moved above its previous lower high and resistance at $88,500, but the real factor that will keep price afloat is buying volumes in various cohorts of the Bitcoin market.
The US spot Bitcoin ETFs recorded total net inflows of $381 million on April 21, levels not seen since Jan. 30.
Rising spot BTC inflows, along with Bitcoin’s increase in price, point to a possible resurgence in institutional demand for Bitcoin, and the change in trend from the ETFs could offset the selling pressure that has put a cap on BTC