Bitcoin’s recent price recovery has reignited optimism in the crypto market, notably benefiting BlackRock’s iShares Bitcoin Trust ETF (IBIT). Following a substantial rebound, IBIT has returned to profitability, highlighting a pivotal psychological milestone for both retail and institutional investors. According to Arkham Intelligence, IBIT investors have collectively amassed $3.2 billion in profits, a significant turnaround after Bitcoin’s decline into the mid-$80,000 range earlier this year.
The recovery is evident in the ETF’s performance, with a notable increase in inflows. This marks the first two consecutive days of inflows in the past two weeks, with an additional $21 million influx recorded recently. K33 Research emphasizes BlackRock’s unique position as the sole ETF issuer garnering positive net inflows for 2025, showcasing its influence within the broader market landscape.
Several factors are driving this upward momentum. Geoff Kendrick, head of digital assets research at Standard Chartered, attributes much of Bitcoin’s strength to sustained demand for spot ETFs. Furthermore, speculation surrounding a potential shift in Federal Reserve policy is buoying risk assets, with market analysts estimating an 87% likelihood of a 25-basis-point rate cut at the upcoming December 10 meeting.
Investor sentiment appears to be stabilizing as well. Despite a recent sharp correction over a two-week period, where ETF holders momentarily fell below their flow-weighted cost basis near $89,600, many long-term investors chose to remain steadfast, minimizing the chances of panic-driven selling.
From a technical perspective, Bitcoin’s chart signals a bullish outlook. The cryptocurrency is currently approaching a critical descending trendline on the 4-hour chart that has constrained earlier rebounds since early November. Bitcoin has established a higher low at $86,878 and reclaimed its position above the 20-exponential moving average (EMA), suggesting a pattern of steady accumulation characterized by a series of spinning tops and small bullish candles.
Currently trading around the 0.382 Fibonacci retracement level of $90,798, Bitcoin shows robust momentum, as illustrated by its relative strength index (RSI) hovering near 68 without indications of bearish divergence. If Bitcoin can sustain support above the $90,000 mark, a breakout past the pivotal resistance level of $93,982 is anticipated, potentially leading to target levels at $93,966, $97,135, and the more substantial resistance at $102,255. Analysts speculate that sustained momentum into December could even see Bitcoin revisiting the $107,000 mark, aligned with previous supply levels.
For traders, the current market structure favors a long position on confirmation of a breakout exceeding $93,982, with $90,000 designated as the invalidation zone.
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