Introduction:

Interest in spot Bitcoin ETFs surged in the US last week, drawing in $485 million in investments. While the influx of funds showed a notable increase, there's speculation on how it might influence Bitcoin's journey towards the $100,000 mark.

Persisting High Activity in ETFs:

Despite Bitcoin's dip below $70,000 from its peak, trading volumes for spot Bitcoin ETFs remained robust. Analysis from Santiment highlights continued high engagement in various ETFs like GBTC, IBIT, FBTC, ARKB, BTCO, BITB, and HODL, indicating sustained market interest even weeks after Bitcoin's record high in February.

Potential Impact of Block Reward Halving:

With the upcoming 4th block reward halving expected on April 19th, market volatility is anticipated to persist. However, there's speculation about possible decreases in both ETF and on-chain volumes post-halving, prompting a need for careful monitoring of market dynamics.

Positive Signal for Bitcoin:

The ongoing demand for spot Bitcoin ETFs presents a positive outlook for Bitcoin, especially with the impending block reward halving. Analysts suggest that the combination of continued demand from the spot Bitcoin ETF market and the upcoming supply reduction could propel Bitcoin's price towards the $80,000 threshold.

Fed's Monetary Policy Influence:

The Federal Reserve's monetary policy remains a crucial factor in the spot Bitcoin ETF market dynamics. Changes in US economic indicators, particularly in response to potential adjustments in the Fed's interest rates, could impact Bitcoin demand. The upcoming release of US inflation data this week is expected to shape market sentiment regarding the potential Fed interest rate decision in June.

Current Status of Bitcoin:

Presently, Bitcoin is maintaining a steady position above both the 50-day and 200-day Exponential Moving Averages (EMA), indicating bullish price trends. Surpassing the $70,000 level could further bolster its upward momentum, potentially surpassing its all-time high of $73,750 reached on March 14th. Achieving this ATH could set a target of $75,000 for the bullish trend.

Conclusion:

The growing interest in Bitcoin ETFs, evidenced by the significant investment inflows, signals continued market enthusiasm for Bitcoin. With the impending block reward halving and ongoing discussions surrounding the Fed's monetary policy, the trajectory of Bitcoin's price remains subject to various factors. However, the current data suggests a positive outlook for Bitcoin's price performance in the near term.