According to the latest data, investors showed impressive confidence last week, putting about $1 billion into spot Bitcoin ETFs. This surge in investment activity was the largest since January this year and signals a return of risk appetite to the crypto market. Clearly, after a period of caution, market participants are again willing to consider Bitcoin an attractive investment.

At the same time, the leading cryptocurrency confirmed the positive sentiment by posting a fresh monthly high. Bitcoin reached an impressive $78,000, reflecting rising buying pressure and belief in further upside. This is an important psychological level, and breaking it could open the way to a new bull market.

The ETF inflows and the asset's price action point to several key trends. First, institutional investors who had been on the sidelines are re?entering the market. Their interest in Bitcoin ETFs indicates growing acceptance of the crypto as a legitimate asset class. Second, previously dominant negative sentiment is giving way to optimism. Investors likely see potential for further gains based on a mix of fundamental and technical factors.

Rising capital inflows into spot ETFs also help stabilize Bitcoin's price and reduce volatility, which in turn attracts more investors. This can create a positive feedback loop, pushing prices higher and fueling broader interest in the crypto market.

Trading recommendations

Bitcoin

Buyers are currently targeting a return to $75,000, which would open a direct path to $76,500 and then to $78,400. The farther target is the high near $80,100; a break above that would signal attempts to return to a bull market. On a pullback, expect buyers to step in at $73,100. A drop below that area could quickly push BTC toward $71,400, with a further target around $69,800.

Ethereum

A clear close above $2,308 would open a direct path to $2,382. The farther target is the high near $2,475; a break above that would strengthen bullish sentiment and revive buyer interest. On the downside, expect buyers at $2,244. A return below that area could quickly push ETH toward $2,162, with a further target around $2,114.

What's on the chart

• The red lines represent support and resistance levels, where price is expected to either pause or react sharply.
• The green line shows the 50-day moving average.
• The blue line is the 100-day moving average.
• The lime line is the 200-day moving average.

Price testing or crossing any of these moving averages often either halts movement or injects fresh momentum into the market.