Bitcoin Price Is Up on BlackRock’s IBIT ETF Inflows
Bitcoin price is up 1.07% in 24 hours to $64,619, outperforming the broader market, which gained 0.93%, primarily driven by renewed institutional demand via spot ETFs.
BTC price gets a boost from sustained U.S. spot Bitcoin ETF inflows, which recorded $132.3 million in net inflows on July 17, accelerating from the prior session.
BlackRock’s IBIT attracted $136.48 million, driving the fourth straight day of positive flows and signalling renewed institutional accumulation. Direct, regulated buying pressure is providing bid support below Bitcoin’s price, offsetting recent outflows.
Softer June CPI data cooled inflation fears, leading Polymarket traders to assign a 94% probability that the Fed will hold rates steady in July.
Concurrently, large traders bought $2.5 billion in Bitcoin bull call spreads targeting $72,000 by month-end. Improving rate expectations and leveraged bullish bets are supporting sentiment, though geopolitical risks (U.S.-Iran tensions) linger as a headwind.
Technically, Bitcoin rebounded from the $63,000 support area, with the MACD indicating bullish momentum. The immediate range is between support at $63,000–$63,700 and resistance at $65,500. The Fed meeting on July 29 is the next major macro catalyst.
The path of least resistance is cautiously higher, provided key support holds. A daily close above the 38.2% Fibonacci retracement level at $62,565.84 to confirm strength; a loss of $63,000 would signal weakness.
Bitcoin’s rise is supported by tangible ETF buying and a friendlier macro outlook, though low volume suggests conviction remains fragile. Visa Launches Platform for Stablecoin Minting, Movement
