Key Points:
Bitcoin failed to break through $118,000, indicating significant resistance in that area.
Bitcoin ETFs have recorded net inflows for six consecutive days, totaling $2 billion.
By 2025, BTC strategic reserves and ETF holdings are expected to grow by 30%, reflecting stable institutional demand.
The Bitcoin spot ETF has seen net inflows for six consecutive days, with traders believing its price may rise to $118,000 before the FOMC meeting.
Since hitting a low of $107,270 on September 1, Bitcoin has rebounded by 9%, but is facing strong selling pressure around the $118,000 mark.
Michael van de Poppe, founder of MN Capital, stated in his latest analysis on X platform: "Bitcoin is still consolidating well," and pointed out that "key resistance" remains at $117,500.
As of the time of writing, Bitcoin is trading at $115,300. The market is fiercely contested between bulls and bears, with Cointelegraph Markets Pro and TradingView showing no clear direction.
Traders are generally taking a wait-and-see approach, focusing on the FOMC meeting minutes and Federal Reserve Chairman Powell's speech on Wednesday.
Bitcoin analyst AlphaBTC suggested that BTC price could rise to $118,000 within the next 24 hours, before retreating after the FOMC interest rate decision.
📈#Bitcoin LTF game plan 📈No change to my plan, I still think that 118K level gets taken out in the next 24-48hrs, then we see how much conviction or sell pressure comes in as the FOM Rate Decision is confirmed. Can #Bitcoin hold 115K post the decision? Or will it sell off… https://t.co/7JleDfrKgR pic.twitter.com/x6d9EB9pTW
The BTC/USDT liquidation heatmap shows significant liquidations near $118,000, indicating that this area is an important resistance level.
Traders should closely monitor this area, as it may attract prices like a "magnet" to gain liquidity, followed by a retreat.
AlphaBTC stated on Tuesday that this area is "very attractive from a liquidity perspective," and added:
According to previous reports from Cointelegraph, buyers need to push the BTC price above $117,500 to have a chance to retest the historical high of $124,500.
As Bitcoin traders weigh whether the market can rebound, the continued inflow of funds and buying power into Bitcoin reserve companies and spot BTC ETFs may provide price support.
The spot Bitcoin ETF has recorded significant net inflows for six consecutive trading days. Since the first day on September 8, which saw over $364 million in inflows, an additional $260 million was added on Monday, bringing the total inflow to over $2 billion.
Market intelligence firm Glassnode stated on Monday on X platform: "The U.S. spot Bitcoin ETF recorded a net inflow of approximately 590 BTC on September 10, the largest single-day inflow since mid-July." They added:
BitcoinTreasuries.NET data shows that by 2025, strategic reserves and ETF holdings are expected to increase by 30%, rising from 2.24 million BTC on January 1 to 2.88 million BTC on Tuesday. This growth indicates that BTC supply is continuing to concentrate among large institutions and enterprises.
CoinShares added that last week, Bitcoin dominated inflows into exchange-traded products (ETPs), with BTC investment products attracting a total of $2.4 billion in inflows, showing strong interest from institutional investors in the asset.
Related: Bitcoin (BTC) may break $120,000 on Wednesday - Analysis of the reasons
Original article: “Bitcoin Faces Resistance at $118,000 - But ETFs May Drive BTC Prices Higher”
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