Bitcoin: Retail Investors Miss Out Again... Crypto Market 'Jumps' on ETF Money Bomb

▲ Bitcoin (BTC) and Dollar (USD)

As institutional funds once again poured into Bitcoin (BTC) spot ETFs, the cryptocurrency market recovered to a size of $2.63 trillion, and Toncoin (TON) surged by approximately 30% in a single day, buoyed by positive news from Telegram.

According to BeInCrypto, a cryptocurrency media outlet, on May 6 (local time), the total cryptocurrency market capitalization rose by 0.66% to $2.63 trillion. Since the previous day's close, an additional $17.14 billion has entered the market, and Bitcoin remained within its ascending channel at $80,405. The total cryptocurrency market capitalization has steadily rebounded since its low of $2.48 trillion on April 29, with $2.64 trillion presented as a short-term resistance level.

The backdrop for this rise was the inflow of funds into Bitcoin spot ETFs. On May 1 alone, US Bitcoin spot ETFs saw an inflow of $573.28 million, marking the largest single-day net inflow since January. BeInCrypto analyzed that if the daily closing price forms above $2.64 trillion, the next target zones of $2.69 trillion and $2.73 trillion could open up. Conversely, if the defense of the $2.64 trillion to $2.58 trillion range collapses, $2.48 trillion could once again be exposed to selling pressure.

Bitcoin traded at $80,405, up 0.69%, moving within the parallel ascending channel that has continued since late March. The Chaikin Money Flow (CMF), which combines price and volume to show buying and selling pressure, recorded 0.11, indicating an upward trend. BeInCrypto explained that this indicator supports the recovery of institutional buying.

If Bitcoin surpasses $82,139, $83,846 and $86,277 were presented as the next price levels, with the channel's upper extension zone mentioned at $89,372. On the downside, $80,432 acted as immediate resistance, with $78,320 as the primary defense line and $74,906 as a deeper support level. BeInCrypto analyzed that a daily closing price above $82,139 would almost confirm a channel breakout.

Toncoin surged approximately 30% in 24 hours, trading at $1.744, after Pavel Durov announced a six-fold reduction in transaction fees and Telegram's rise to become the largest validator. Durov stated, “TON fees have been reduced sixfold, making them almost zero,” adding, “The next step is for Telegram to become the driving force behind TON and its largest validator, replacing the TON Foundation.”

Meanwhile, BeInCrypto analyzed that Toncoin showed a breakout from a cup-and-handle pattern, and if it surpasses $1.79, it could extend its upward trend to a target zone around $1.94. However, if it fails to break above $1.79, $1.59 and $1.52 were presented as the next defense lines.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. This content should be interpreted for informational purposes only.*