Bitcoin Nears $100K as Spot ETF Inflows Hit $422M in One Day

Spot Bitcoin ETFs drew $422 million in net inflows on May 1, reversing the negative trend from the previous trading session.BlackRock's IBIT ETF led with $351 million, showcasing renewed institutional commitment to Bitcoin amid improving technical conditions.Bitcoin is trading above key EMAs and faces no immediate resistance, making a breakout to $100,000 a realistic near-term target.On May 1, spot Bitcoin ETFs recorded a net inflow of $422 million, signaling a sharp turnaround in investor sentiment. The surge followed a recent period of slowed activity, restoring confidence in institutional demand. BlackRock’s IBIT accounted for $351 million of the total, positioning itself as the leading contributor to the day's inflows.The Bitcoin market value surged to $96,681 by breaking through all moving averages ranging from 50 to 100 to 200 days. A crossover pattern confirmed the bullish picture for the market by suggesting that recent bearish activity was only a short-term event. The technical indicators currently confirm a sustained market strength because Bitcoin receives additional support from ETF interest.RSI Approaches Overbought TerritoryWith the Relative Strength Index nearing 70, Bitcoin is displaying strong upward momentum. However, this also places the asset near overbought conditions. Despite this, the upward trajectory remains intact due to the lack of immediate resistance on the chart, making a move toward $100,000 increasingly likely if momentum holds.Bitcoin is advancing within a technical vacuum, facing no significant barriers until the psychological $100,000 level. The combination of institutional inflows and supportive price action points to a clear path upward. ETF participation has returned at a critical time, further removing short-term obstacles to growth.Volume Remains a Point to WatchWhile price and ETF data present a positive picture, spot exchange volume remains relatively low. This could hint at fragile retail participation. However, the current rally appears driven by institutions, minimizing the impact of lighter volumes in the short term.The renewed activity in ETFs significantly shifts the outlook for Bitcoin in May. If demand continues to rise, especially from funds like IBIT, the asset could maintain its current momentum. This week’s inflow figures contrast sharply with the previous day’s outflows, marking a notable change in sentiment.The post Bitcoin Nears $100K as Spot ETF Inflows Hit $422M in One Day appears on Crypto Front News. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.