Bitcoin could jump to $65,000 if this happens

• Bitcoin Spot ETF flow hit a more than 50-day high with a positive net flow of $263 million on Friday, September 13.
• Bitcoin dominance makes highs in the news almost every day, surpassing 57% on Saturday.
• BTC Fear and Greed Index illuminates neutral after the asset breaks the $60,000 psychological barrier.
• BTC is trading at $60,134 at the time of writing.

Bitcoin (BTC) Spot ETFs are considered an indicator of institutional interest in the asset. Spot ETF inflows ended a negative streak with record net flows into the asset class on Friday, September 13.

Bitcoin’s dominance over other altcoins reached a new high, surpassing the 57% level on Saturday.

These factors could catalyze gains in Bitcoin

The top three factors driving the market for Bitcoin are institutional capital inflows, dominance, and asset supply on exchanges. These factors determine the demand for the asset, its relevance among market participants compared to other cryptocurrencies (altcoins), and the selling pressure on BTC, ultimately influencing the price of Bitcoin.

Data from crypto information monitor Sosovalue shows Bitcoin Spot ETFs ended the week with record inflows of $263.07 million on Friday. This is the largest capital inflow since July 2024 in nearly 50 days.

The flow of institutional capital into Bitcoin is critical because it represents demand among large wallet investors and greater flow and demand typically fuels gains in BTC.

Bitcoin Spot ETF Entries

The Fear and Greed Index measures sentiment among Bitcoin traders. The index is neutral on Saturday as Bitcoin bounces back above the $60,000 psychological barrier.

Bitcoin Fear and Greed Index

The supply of the asset on exchanges is now at its lowest point since 2018. The decrease in exchange supply is considered a positive sign for the cryptocurrency as it reduces the tokens available for sale on exchanges and reduces selling pressure.

Bitcoin supply fell to 1.86 million, down from 3.21 million in March 2020, according to Santiment data.

Bitcoin supply on exchanges

Asset dominance is the ratio of BTC market cap to the rest of cryptocurrencies, namely altcoins. Dominance hit a new high every few days, peaking at 57.78% on September 13th.

Although this generates negative returns for traders holding altcoins (Bitcoin pairs), it is considered a bullish sign for Bitcoin.

Bitcoin Dominance

Bitcoin is targeting a target of $65,000

Bitcoin has bounced back above $60,000, trading at $60,134 at the time of writing. The asset could extend gains by 8% to target the $65,000 level. The Moving Average Convergence Divergence (MACD) indicator is flashing green histogram bars above the neutral line, suggesting an underlying positive momentum in the BTC price trend.

BTC could find support in the Fair Value Gap (FVG) between $58,588 and $59,900.

BTC/USDT Daily Chart

A daily candlestick close below $59,900, the upper limit of FVG, could invalidate the bullish thesis for Bitcoin.