Bitcoin Price Nears $116,000 After Weekly Gain
Bitcoin (BTC) trades just below $115,000 on Monday. It faces resistance near $116,000 after rising nearly 4% last week. Despite this resistance, strong institutional demand and large ETF inflows support the market. US-listed spot Bitcoin ETFs saw $2.34 billion in inflows last week, the highest since mid-July.
Strong Institutional and Corporate Bitcoin Demand
Institutional investors continue to boost Bitcoin’s recovery. Spot Bitcoin ETFs had positive inflows for three weeks in a row. This shows growing interest from large investors.
Corporate demand is also rising. Capital B added 48 BTC on Monday, raising its total to 2,249 BTC. Healthcare company Prenetics added 40.6 BTC and plans to buy 1 BTC daily. Prenetics now holds 228 BTC. Data from BitcoinTreasuries.NET confirms these updates.
Since July 2024, mid-sized holders called “Shark wallets” have accumulated nearly 1 million BTC. Their total holdings now reach about 5.9 million BTC. This signals growing confidence among these investors.
Market Signals Point to Possible Price Move
CryptoQuant data shows a sudden spike in Bitcoin’s Scarcity Index on Binance. This is the first spike since last June. It suggests fewer Bitcoins are available for sale or withdrawal from the exchange.
When this index stays high for several days, Bitcoin’s price often rises sharply. A similar spike in June helped push BTC toward $120,000.
If Bitcoin closes above $116,000 on the daily chart, it could rise toward $120,000. The Relative Strength Index (RSI) is 54, showing some bullish momentum but trending neutral. The MACD indicator showed a bullish crossover on September 6, supporting an upward trend.
If Bitcoin fails to break $116,000, it may fall toward its 50-day Exponential Moving Average near $113,393.
