During the latest trading session on October 7, Bitcoin ETFs continued their winning streak, marking seven consecutive days of inflows and contributing to $4.43 billion raised over the past six days amid Bitcoin’s recent rally.
According to SoSoValue data, BlackRock’s IBIT led the inflows with $899.4 million, while Valkyrie’s BRRR added a modest $4.8 million. Grayscale’s GBTC saw roughly $28.6 million in outflows, making it the only fund to experience withdrawals. The remaining eight funds, including Fidelity, Invesco, and Bitwise, reported no net activity. The trends indicate early profit-taking among institutional investors and a broader cooling off as Bitcoin’s price retreats from its monthly highs.
Bitcoin Price Pulls Back
At the time of writing, Bitcoin trades at $122,392, down 1.5% over the past 24 hours, according to crypto.news. This pullback comes after a nearly two-week rally from the $108,000 range. Today’s bearish candle highlights hesitation near the $124,000 resistance level, where BTC faced rejection before sliding lower.
Despite the retreat, technical indicators suggest the correction is healthy. The RSI, which recently topped 70, has cooled to 63.35, signaling a reset in momentum. Trading volume has also declined, indicating the sell-off lacks strong conviction.
The MACD remains in bullish territory, with the histogram still expanding and the MACD line comfortably above the signal line. As long as Bitcoin holds above $120,000, the overall structure remains bullish, suggesting the market may simply be consolidating before the next upward move.
On the downside, a drop below $119,500 could trigger a deeper pullback toward the $116,000–$117,000 range, which acted as a support during the previous consolidation. Conversely, reclaiming $124,000 could revive bullish momentum, potentially pushing Bitcoin toward $126,000–$128,000.
