Bitcoin (BTC) is maintaining its upward momentum, hovering around $65,500. The positive trend coincided with the early release of Binance founder Changpeng Zhao (CZ) from California’s Lompoc II detention center. His release is expected to boost market confidence in Binance operations and contribute to Bitcoin’s recent gains. Spot Bitcoin ETFs also recorded a significant $494 million inflow on September 27, pushing the weekly total above $1 billion. These developments indicate rising institutional interest, potentially propelling Bitcoin prices even higher.
Zhao’s early release from detention has sparked optimism in the market and may benefit Bitcoin overall. Following his release, Binance Coin (BNB) saw modest gains, despite CZ resigning as CEO. He agreed to pay a $50 million fine and faces a lifetime ban from returning to the role, although he remains the majority shareholder of the company. Despite legal issues, CZ enjoys significant support in the crypto community, with many curious about his future impact on Binance’s operations.
Bitcoin ETFs experienced a surge in inflows, with over $1.1 billion flowing into various ETFs, led by companies such as ARK 21Shares, Fidelity, and BlackRock. Grayscale’s Bitcoin Trust also gained $26.2 million after a two-week drought. This uptick in institutional interest signals a potential Bitcoin rally in the fourth quarter, driven by global monetary easing measures, including those from the People’s Bank of China, which are increasing interest in Bitcoin as a hedge against economic uncertainty.
The rise in Bitcoin ETF inflows indicates growing institutional demand and sets the stage for a potential price rally in the coming months. Bitcoin’s technical outlook on September 28 shows the cryptocurrency trading at $65,550, down 0.15% in the last 24 hours. Immediate support is at $65,350, coinciding with the 50-day Exponential Moving Average (EMA). A breakdown below this level could lead to further downside pressure, with resistance levels at $66,250, $66,860, and $67,560. The Relative Strength Index (RSI) suggests bearish momentum.
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