BlackRock’s bitcoin etf drew fresh demand last week, helping lift Bitcoin and reviving hopes of more upside. The flow data pointed to strong institutional buying, with IBIT again at the center of the move.
Summary
IBIT dominates weekly inflows
According to Arkham, IBIT clients bought about $732.6 million worth of BTC during the week. That accounted for most of the $823.7 million in total net inflows into U.S. spot Bitcoin ETFs.
Moreover, Farside Investors recorded steady daily demand between April 20 and April 24. The fund drew $256 million, $39.3 million, $246.9 million, $167.5 million, and $22.9 million across the five sessions.
As a result, BlackRock remained the main force behind the recovery in ETF appetite. The article also noted that issuers usually buy BTC to match new share creation, which can reduce available supply when inflows stay firm.
Bitcoin price action tracks the flow strength
That pattern lined up with a clear bitcoin price rally. TradingView data showed BTC began the week near $74,023 and climbed more than 7% to a weekly high around $79,485 on Wednesday.
However, the move lost steam near that peak. Price later slipped back toward the $77,541-$77,075 support zone, before closing the week near $78,685.
Even after that pullback, the broader trend remained constructive. The combination of strong flows and steady price action kept traders focused on whether demand can extend the rebound.
BTC faces a key resistance test
The main level now is the bitcoin resistance level near $79,000. The article said Bitcoin has repeatedly failed to clear that zone, and at the time of writing BTC was trading around $77,000, down about 1.5% on the day.
Moreover, the market has been moving inside a narrowing range, with rejection near the upper trendline. A clean break above $79,485 could strengthen bullish momentum and open the path toward $80,000-$90,000.
On the downside, immediate bitcoin support zone levels sit near $77,541-$77,075. If selling pressure deepens, Fibonacci support around $76,658 and $75,990 may come into play. The RSI near 51 still signals neutral momentum.
In short, the latest Bitcoin move reflects strong ETF demand, with IBIT leading the pack and price holding above key support. The next test is whether buyers can finally push BTC through the stubborn resistance zone.
