Bitcoin holds above $80,000 as ETF inflows rise and bullish patterns form

Bitcoin held above the key support level of $80,000 as investors monitored developments in crypto ETFs and a setback for the CLARITY Act. BTC was trading at $80,582, roughly $1,400 below its weekend high of $82,000. Bitcoin ETFs recorded more than $433 million in inflows on Friday, compared with $133 million on Thursday. Spot Bitcoin ETFs attracted more than $313 million in net inflows so far this month, following $3.52 billion last month. Cumulative net inflows reached $55.1 billion, while total net assets stood at $102.5 billion. BlackRock's IBIT led with $63 billion in assets, followed by Fidelity's FBTC with $14.3 billion. The inflows came during a difficult week in which the Federal Reserve raised interest rates by 0.25% to a range of 3.75% to 4%. The inflows also came after the US Senate failed to pass the CLARITY Act. Polymarket odds that the bill will become law have fallen. Investors were buying Bitcoin assets as the US-Iran crisis escalated. The crisis was described as leading to higher diesel prices in the US. The average diesel price reached a record $6.50 and may rise to $7 in the coming days. Gasoline prices reached $4.47. Bitcoin's rise coincided with a rally in the Crypto Fear and Greed Index. The index remained in the greed zone and reached 71. Technical analysis identified a cup-and-handle pattern, which is commonly viewed as a continuation pattern. Bitcoin was in the handle section of that pattern. Bitcoin also formed a bullish flag consisting of a vertical line and a descending channel. Bitcoin had already moved above the upper side of that channel. Bitcoin was trading above its 100-day exponential moving average. These patterns suggest that Bitcoin will stage a strong comeback, potentially reaching the psychological level of $85,000. The view will be confirmed if Bitcoin moves above the key resistance level of $82,135, described as its highest point in May.