Bitcoin stalls at $84,000 as $1.63B ETF inflows arrive

Bitcoin rallied above $82,800 on Wednesday but encountered selling pressure near $84,000, leaving the price unable to sustain gains. Bitcoin exchange-traded funds recorded $1.63 billion in net inflows in May, SoSoValue data shows.

The 200-day simple moving average sits around $83,313 and coincided with the level where recent buying stalled. A crypto investment firm posted that the rejection at that moving average aligns with a prior low that it identified as a potential downside target near $50,000. Analyst PlanC posted on X that bitcoin is entering a long-term uptrend he calls a ‘supercycle,’ tracing it to the November 2022 low of $16,000 and projecting a rise above $250,000 by late 2027 to mid-2028.

Technical indicators show short-term support and resistance levels traders are watching. The 20-day exponential moving average is near $77,477; a rebound from that level followed by a move above $84,000 would point attention to $92,000. A drop below $74,937 would expose the 50-day simple moving average near $73,073 and lower support lines.

Major altcoins had mixed results. Ether has traded above its moving averages but failed to clear $2,465; its 20-day EMA is about $2,309 and a sustained advance past $2,465 would leave $3,050 as the next listed target. XRP closed above its moving averages and approached the downtrend line of a descending channel; a daily close above $1.61 would signal a possible shift with targets at $2.00 and $2.40, while a fall below $1.27 would keep it inside the channel.

BNB moved back above its moving averages and faced resistance at $654, with $687 and $730 identified as higher levels if buying continues. Solana rose past short-term averages toward $90.73, with $98 and $117 noted as subsequent resistance points. Dogecoin approached $0.12 resistance, with the 20-day EMA near $0.10; breakouts and breakdowns were mapped to $0.14/$0.16 and a lower range around $0.09 to $0.10, respectively.

Smaller tokens registered varied action. Hyperliquid ran into resistance between $43.76 and $45.77; its 20-day EMA is near $41.55 and the 50-day SMA at $40.22 would serve as support on a pullback. Cardano cleared the 50-day SMA near $0.25 but faced sellers at $0.28 and $0.30, with $0.31 noted as a key level for a larger recovery. Bitcoin Cash traded up to $486 but showed signs of range-bound trade between $486 and $419. Zcash rose above $560, pushed its relative strength index into overbought territory and had a potential target at $750 if momentum continued.

The $1.63 billion in ETF inflows for May represents a measurable increase in allocations to Bitcoin products. Market participants will watch whether prices hold above short-term EMAs and whether ETF demand persists into June.