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Bitcoin (BTC) is up nearly 4% over the past 24 hours. The daily close is above the downward trendline that has kept the price down for the past few days. According to According to trader Rekt Capital, the company would now need to close the day above $62,000 to maintain its upward momentum.

“Bitcoin is just one daily close above local highs (orange circle) away from a reversal,” he said. added.

Moreover, Bitcoin also has violated the downtrend channel that has been forming since August 8 and is contributing to the short-term bullish momentum.

Rekt Capital also mentions a weekly challenge for Bitcoin, which is closing above the bottom of the downtrend channel in the region of $58,600. Moreover, there is another weekly challenge convert the $60,600 price level into support, something that could prompt BTC to reclaim its “post-halving re-accumulation range.”

“Bitcoin of course still has almost a whole week before the necessary weekly close above $60,600 is reached. Currently the price is slightly above that, namely at $60,900.”

Bitcoin ETFs start the week with inflows

The week started with positive net inflows for Bitcoin exchange-traded funds (ETFs) in the US, with their assets under management (AUM) growing by $62 million on August 19, according to Farside Investors. facts.

BlackRock’s IBIT was the main driver of the significant inflows, recording an increase of almost $93 million in AUM. Notably, Grayscale’s GBTC saw no outflows yesterday, adding to the positive outcome.

However, Bitwise’s BITB experienced $25.7 million in volatile capital on the same day, despite the asset manager announce on the same day, ETC Group, a London-based issuer of crypto exchange-traded products (ETPs) with more than $1 billion in assets under management.

The move is part of a European expansion by Bitwise, but it did little to prevent outflows. Invesco Galaxy’s BTCO also lost $8.8 million in AUM yesterday, reducing positive net flows for the day.

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