Bitcoin Above $78,000: ETF Inflows Suggest Thin Institutional Backing

2 weeks ago 15

Rommie Analytics

Key takeaways:

  • BTC hit intraday high of $78,452 on April 22.
  • RSI spiked to 72.26: overbought, signal line at 55.15.
  • Move triggered by Trump’s Iran ceasefire extension at 03:00 UTC.
  • Total ETF net inflow April 21: just $11.84M.
  • BlackRock IBIT led with $39.34M.
  • Fidelity, Grayscale GBTC, Bitwise, Ark all recorded outflows.
  • Strip out IBIT and the ETF market was net negative on the day.

Bitcoin pushed through $78,000 in the early hours of April 22, reaching an intraday high of $78,452 on a sharp move that produced the largest hourly volume spike visible across the previous 48 hours.

The catalyst was Trump’s ceasefire extension announcement with Iran, which landed at approximately 03:00 UTC. RSI hit 72.26 on the 1-hour chart, overbought territory, with the signal line still sitting at 55.15, meaning momentum moved faster t...

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