Bitcoin is forming a bullish pattern, but the RSI shows a negative divergence, giving conflicting signals about the next directional move in the near term.
Bitcoin (BTC) has been hanging on to the gains made in early December, indicating that every minor dip is being purchased. CoinShares data shows that Bitcoin funds witnessed an inflow of $87.6 million in the week ending Dec. 22.
Separately, data from exchange-traded funds (ETFs) research firm ETFGI shows $1.31 billion of inflows into crypto ETFs and exchange-traded products (ETPs) in November, bringing the total inflows for the year to $1.60 billion.
Investors seem to be accumulating Bitcoin before the anticipated approval of a spot Bitcoin ETF in January. Business Intelligence firm MicroStrategy added 14,620 Bitcoin to increase its total stockpile to 189,150 Bitcoin. The latest acquisition was made at $42,110 per Bitcoin, taking its total average purchase price to about $31,168.
