#BTC Hits New High#  $1.5 Billion in ETF inflows Could Boost Bitcoin Price by 4% to New All-Time High.

Bitcoin recently hit a new all-time high (ATH) but briefly pulled back as the market overheated.

However, with resistance in the ETF market, Bitcoin has largely returned to normal. With significant ETF inflows, Bitcoin's price could soon surpass its previous ATH.

Bitcoin Poised for a Rebound

The Network Value to Transactions (NVT) Ratio rose earlier this month, following a similar increase in June. The NVT Ratio measures the relationship between network value and transaction activity.

A rising NVT Ratio indicates that network value exceeds transaction activity, which is typically a sign that the market is overheating. This typically results in a reversal.

This was also seen in Bitcoin's recent decline as the market cooled. But currently, the NVT Ratio has returned to a monthly low, giving Bitcoin room for a potential rally.

This week, spot Bitcoin exchange-traded funds (ETFs) saw inflows of more than $1.5 billion, a significant portion of which occurred in the last 48 hours amid Bitcoin's decline. This influx of institutional money demonstrates that investors remain confident in Bitcoin's potential despite the market's cooling.

These ETF inflows demonstrate a continued resilience among institutional investors, who are continuing to add Bitcoin to their portfolios rather than sell. If this trend continues, the stability provided by institutional support could push Bitcoin's price higher.

BTC Price Very Close to All-Time High

Bitcoin is currently trading at $118,325 and is facing resistance at $120,000. This resistance is critical if Bitcoin wants to return to its ATH of $123,218. A 4.1% gap to reach the ATH indicates growth potential, but for this to happen, Bitcoin needs to find support above $120,000.

If Bitcoin can hold above $120,000 and break above $122,000, it could continue its rise to new all-time highs. Current market conditions and ETF inflows support a bullish outlook with a high probability of a breakout.

However, the risk of profit-taking remains, which could lead to a price decline. If Bitcoin faces selling pressure, it could pull back to $115,000, erasing some of its recent gains. This would invalidate the bullish thesis and cause Bitcoin to retest lower support levels.

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