Bitcoin Bulls Eye Bullish Breakout as Key Indicator Flashes Buy Signal for First Time in Nearly a Decade

Based on a key indicator, analysts anticipate an impending bullish trend for Bitcoin. The Golden Moment Indicator, which has historically preceded major Bitcoin bull runs, has recently flashed green for the first time in almost nine years. Additionally, the Supertrend indicator is also bullish, further bolstering this optimistic outlook. Despite Bitcoin's current consolidation, traders remain hopeful, observing positive inflows into spot BTC ETFs.

Bitcoin Bulls Eye Treat as Key Indicator Flashes Buy Signal for First Time in Nearly a Decade

Technical analysts are signaling a potential surge in Bitcoin's value, as a pivotal indicator has emitted a buy signal for the first time in almost a decade. The Golden Moment Indicator, which tracks the asset's price movement over a two-month period, has turned green, signaling a bullish outlook.

This bullish sentiment is further reinforced by the Supertrend indicator, which has historically preceded every major Bitcoin uptrend. The Supertrend indicator is also flashing green, suggesting that a significant price increase may be imminent.

Technical Analysis Suggests Consolidation and Momentum Loss

Despite the optimistic signals from these key indicators, Bitcoin's price remains consolidated in the short term. An analysis of the daily chart reveals that the coin is losing its uptrend momentum. This week, Bitcoin failed to surpass $72,000, indicating a potential slowdown in the buy trend.

Traders remain hopeful that bulls will regain control and push the coin to new highs above $74,000. However, this depends on a range of factors, including inflows into spot Bitcoin exchange-traded funds (ETFs).

Spot BTC ETFs Fuel Demand and Confidence

Inflows into spot Bitcoin ETFs have picked up momentum in recent weeks. These ETFs have accumulated over 500,000 BTC, representing approximately 2.5% of the total supply. When Grayscale's BTC holdings are included, the combined spot Bitcoin ETF issuers in the United States control roughly 4% of the total supply.

After a slowdown last week, inflows continued this week, pushing holdings even higher. This trend is viewed as a positive sign for Bitcoin's price and, more importantly, investor confidence. 21Shares led the charge in inflows, adding 2,924 BTC by March 28th.

Institutions and Retail Investors Drive Demand

The uptick in demand for spot Bitcoin ETFs indicates growing interest among institutional and retail investors. This demand is likely to continue into April, a significant month for Bitcoin. In less than four weeks, the network will halve miner rewards from 6.25 BTC to 3.125 BTC, making the coin scarcer.

If the current level of demand remains, Bitcoin's price is likely to rise as market forces automatically adjust to the decreased supply. The confluence of bullish indicators, spot ETF inflows, and a supply reduction in April has created a compelling case for a potential surge in Bitcoin's value.