DeFi
Bitcoin Inflows: Will BTC Drop Below $60,000 Again?
Bitcoin barely increased in value after falling to $58,890 on June 25. BTC Price has now stabilized around $61,095.35, but there is constant fear of a further decline and a similar loss for the bears. Many crypto analysts have accused traders and miners of opening new long positions since the Bitcoin Halving event.
BTC had its moment of glory in early June, when the price peaked at $71,103, but the ongoing downtrend since June 6th until now has brought the price back to the current lows. This recent drop is a result of the heavy liquidations on various defi platforms.
Bitcoin inflows saved the day
Bitcoin began its main downtrend on the 24th and continued to fall, but with increased capital inflows into the US Spot Bitcoin ETFit could manage a rise where it reaches $62,322 before facing a minor correction.
BTC Spot ETFs have been on a seven-day outflow streak, ending Tuesday with an inflow of $31 million. Bitcoin ETF trusts have been under the radar for a while now, as Blackrock’s IBIT and a few others have reported no ETF flows in days. Additionally, there have only been two minor inflows in the last 13 days, and both were under $2 million. While IBIT only generated $1.1 million in inflows, that was enough to pull BTC price out of its bear market.
LATEST NEWS: The BlackRock spot #Bitcoin The ETF achieved $1.1 billion in trading volume today 👀 pic.twitter.com/WRNSsIvdAY
– Bitcoin Magazine (@BitcoinMagazine) June 25, 2024
Fidelity’s FBTC saw the largest Bitcoin inflows at $19 million, leading the ETF pack, followed by Grayscale’s GBTC with $4 million in inflows. This was an indication of bullish investor sentiment amid the $6.68 billion BTC options expiry on Friday. Additionally, $3.5 billion worth of ETH options are expiring in the same manner and, along with BTC, could influence an uptrend.
Will BTC fall below $60,000 again?
Despite the recovery in BTC price, it is in an overall selling zone, where the MACD level (12.26) is at -1697, indicating the selling zone. However, the relative strength index has recovered from yesterday’s oversold zone and is at neutral with 34 points.
Moving forward with the exponential and simple moving averages, the 5-100 frame supports selling, but the 200-week range shows key resistance around 65,312. If BTC could break this milestone, an uptrend could begin, leading to a new all-time high. However, if the charts move below $60,783, it may risk falling below $60,000.
#Bitcoin Imminent rebound. 🚀 pic.twitter.com/wlYv1XVLX6
— Crypto Titan (@Washigorira) June 27, 2024
With a few analysts arguing the same, BTC’s fall below $60,000 is less likely as Bitcoin’s entries are consistent with charts favoring a recovery. The Crypto Titan, a crypto analyst, called the BTC rebound imminent, hinting at an upcoming breakout. However, the next few hours are crucial in determining where the charts will move.
Continue reading 4 promising cryptos to buy before July