Bitcoin (BTC) price prediction: Concerns over a US economic recession fade, BTC Spot ETF achieves ten consecutive days of inflows.

Bitcoin (BTC) price has rebounded, returning above $120,000 during the Asian early trading session today (18th). As investors react to optimistic U.S. labor market data, Bitcoin continues its upward trend.

U.S. retail sales grew by 0.6% in June compared to the previous quarter, while May saw a decline of 0.9%. The number of initial unemployment claims fell to 221,000 (for the week ending July 12), down from 228,000 (for the week ending July 5).

Given that private consumption accounts for over 60% of the United States' Gross Domestic Product (GDP), the growth in retail sales signals a strong finish for the second quarter. A stable labor market is expected to boost wage growth and may further support household spending.

Bitcoin has climbed from a short-term low of $117,389 to a short-term high of $120,812, reflecting market confidence in the U.S. economy.

At the same time, the three cryptocurrency bills passed by Capitol Hill have also influenced the trend of the conference.

The US Bitcoin spot ETF market has seen inflows for ten consecutive days

On July 16, the US Bitcoin spot ETF market reported inflows for 10 consecutive trading days, with a total net inflow of 799.4 million USD. BlackRock's iShares Bitcoin spot ETF (IBIT) continues to lead the spot ETF market, with a net inflow of 763.9 million USD.

At the same time, the capital flow data on July 17 indicates that the market is expected to rise for 11 consecutive days, with supply and demand clearly leaning towards Bitcoin. According to Farside Investors, the main capital flow trends on July 17 include:

· Fidelity Wise Origin Bitcoin Fund (FBTC) net inflow of funds is 10.4 million USD.

· Grayscale Bitcoin Trust net inflow of 5.3 million USD

· VanEck Bitcoin Spot ETF (HODL) reported a net inflow of $5.1 million

With the release of liquidity data for BlackRock iShares Bitcoin Trust and Invesco Galaxy Bitcoin ETF (BTCO), the total inflow for Bitcoin spot ETFs in the United States has reached $15.7 million.

Strong U.S. economic data and legislative developments in Congress have driven demand for spot ETFs, which are crucial for the price outlook of Bitcoin.

ETF Store President Nate Geraci stated, "In the past 24 hours… the inflow of Ethereum (ETH) spot ETFs has reached an all-time high. The House passed a landmark stablecoin and digital asset market structure bill. The President is preparing to issue an executive order allowing cryptocurrencies to be included in retirement plans. XRP hit a new high. The U.S. 'Cryptocurrency Week' is right."

Bitcoin Price Analysis

FXEmpire analyst Bob Mason stated that the recent price outlook for Bitcoin depends on several key factors. These factors include cryptocurrency news from Capitol Hill, U.S. consumer confidence data, and liquidity trends of spot ETFs. Possible scenarios:

Bearish scenario: Legislative delays, weakening consumer confidence, hawkish statements from the Federal Reserve, and outflows from ETFs. The combined effect of these factors could push Bitcoin towards $115,000 and may cause the 50-day Exponential Moving Average (EMA) to come into play.

Bullish scenario: Progress on cryptocurrency legislation, strong consumer confidence in the U.S., the Federal Reserve hints at dovishness, and ETF inflows. In these scenarios, Bitcoin may retest the historical high of $122,057.

(Source: Trading View)