Market trends continue to indicate a positive outlook for bitcoin, currently trading at $77,642.53, despite recent developments in Iran and DeFi hacks making headlines. U.S.-listed spot ETFs saw significant inflows of $663 million on Friday, reaching a total of $996 million for the week, according to SoSoValue data. This surge in institutional investment suggests strong interest in the cryptocurrency. For a substantial price increase to occur, this trend must be sustained.
According to Timothy Misir, head of research at BRN, 'sustained inflows signal structural demand, while intermittent flows indicate tactical positioning.' Bitcoin's price has remained relatively stable above $75,000 after reaching highs of over $78,000 on Friday, with similar patterns observed in other major tokens such as ether, XRP, and Solana. The DeFi platform Aave's token has dropped 1% to $90 following the KelpDAO hack, with the DeFi dominance rate holding steady at around 3%.
The current pressure on bitcoin is linked to negative reactions in stock markets to news about Iran, reducing risk appetite. Traders are building short positions, betting against a breakout, which could lead to a 'short squeeze' if prices remain steady. Meanwhile, the U.S. attack on an Iranian cargo ship has added to market tensions.
In technical analysis, Solana's weekly price swings show a key level at $95.16, which has acted as resistance since early February. The fact that Solana has not yet climbed back above this level indicates sustained bearish sentiment and potential for deeper losses, with the next major support level at $50.