The daily chart shows Bitcoin breaking clearly above the descending trendline that limited gains since August. The 20-day EMA at $116,484 and 50-day EMA at $114,874 have now crossed upward, forming a bullish structure that indicates strengthening trend momentum.
The daily chart shows Bitcoin breaking clearly above the descending trendline that limited gains since August. The 20-day EMA at $116,484 and 50-day EMA at $114,874 have now crossed upward, forming a bullish structure that indicates strengthening trend momentum.
Momentum signals support this view. The RSI reads 70.51, suggesting strong buying pressure but showing signs of nearing overbought territory. The broader uptrend remains intact, supported by the 100-day and 200-day EMAs at $112,790 and $107,172.
If Bitcoin price today maintains its level above $123,000, the next upside objectives stand at $126,000 and $130,000. Sustained momentum could confirm the start of a new bullish leg.
On-Chain Data Shows Renewed Institutional Inflows
Coinglass data recorded a $270.02 million net inflow into Bitcoin spot exchanges on October 5, marking one of the largest positive shifts in recent months. This reflects renewed confidence among traders and institutions ahead of potential policy changes in the U.K.
Such inflow spikes have often preceded multi-day rallies, particularly when combined with technical breakouts. The reversal from months of consistent outflows underscores a shift in sentiment and positioning, reinforcing the bullish narrative around Bitcoin price action.
The expected removal of the U.K. Bitcoin ETF ban adds a major boost to the global adoption story. Aligning with markets like the United States, Hong Kong, and Singapore, this policy change would allow asset managers and funds to gain regulated exposure to Bitcoin.
Market participants believe the U.K.’s decision could deepen liquidity in European markets and attract long-term capital inflows. This step may also strengthen London’s position as a digital asset hub competing with major global centers.
Bitcoin remains technically strong as long as it trades above the $120,000–$121,000 zone. Key technical levels are outlined below:
A daily close above $124,560 could open the way to $130,000, while a dip below $120,000 may lead to profit-taking toward the $116,000 area.
Bitcoin’s short-term direction depends on whether optimism surrounding the U.K. ETF policy translates into sustained inflows and institutional interest. The strong breakout above $120,000 and the spike in exchange inflows suggest improving sentiment.
As long as Bitcoin price today holds above $120,000, analysts maintain a bullish outlook with targets near $126,000 and $130,000. A drop below this threshold could trigger short-term consolidation, but the wider market setup continues to favor buyers within the ongoing October uptrend.
