Last week, we also reported that investors deposited over $850 million into Bitcoin ETFs. As a result, monthly inflows increased significantly compared to the previous month.
Meanwhile, if August ends with positive inflows, that would reverse the strong downtrend that these vehicles experienced during May and June, back when investors withdrew over $6.9 billion from these vehicles.
BTC Could Reverse Its Downtrend If This Bullish Pattern Plays Out
As we have stated in previous Bitcoin price prediction articles, we are closely tracking a buy signal in the weekly chart that has marked the end of previous bear markets. This signal flashes whenever the Relative Strength Index (RSI) dips to 30 or lower in this higher time frame.
This already happened in March this year, back when BTC hit what we see as a potential cycle bottom at $60,000.
