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Crypto Market Likely to Rise After Recent Surge
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- Bitcoin ETF spot market inflows suggest a change in market sentiment.
- BTC price needs to overcome the $71,000 support level to start the bull run.
- A break of the $61,000 support level will invalidate the bull run and potentially trigger a correction.
The recent drop in the price of Bitcoin (BTC) wiped out billions in open interest and triggered a few hundred million in liquidations. With upcoming events in crypto and the broad stock market, the chances of a reversal are high.
Is the Crypto Market Reset?
With the increase in Bitcoin Spot ETF reaching $886 million in inflows on June 4, investors expected the market outlook to turn bullish. Just two days later, BTC dropped around 2%, wiping out $4.21 billion in open interest and triggering over $400 million in liquidations. This movement showed that crypto market it was highly leveraged and the recent move was a necessary flow before establishing a directional trend.
BTC ETF spot net flows
Bitcoin Bias Check
Despite the positive increase in BTC spot ETF inflows, Bitcoin’s price outlook still remains uncertain. Here are some key levels to watch out for:
- The 4-hour imbalance, extending from $62,994 to $64,733, is a key zone for accumulating BTC.
- A weekly move through the $71,000 barrier will likely kick off an uptrend and propel BTC to new all-time highs (ATHs).
- On the other hand, a break of $61,000 of the weekly support level will likely initiate a bearish move for the crypto market.
BTC/USDT 1-Day Chart
Crypto Events This Week
Monday, June 10th:
Tuesday, June 11:
- Fetch.ai, Ocean Protocol and SingularityNET ASI Merge
Wednesday, June 12th:
- US Consumer Price Index (CPI)
Friday, June 14th:
- The start of the Euro 2024 tournament could trigger a volatile change in the price of Chiliz (CHZ)
Hot or not?
In addition to these events, investors need to monitor the following altcoin sectors as they may see a rise due to curling effects.
- In the gaming sector, Gala (GALA) could see increasing interest due to Euro 2024.
- Meme coins like Shiba Inu (SHIB), Dogecoin (DOGE) and new generation altcoins like GME could see ripple effects if there is a significant development around Roaring Kitty aka Keith Gill. Gill gained massive popularity in 2021 due to the Reddit Rally that boosted GME’s share price by 1,600%, and his recent comeback has sent GME soaring.
- Bitcoin ETF spot market inflows suggest a change in market sentiment.
- BTC price needs to overcome the $71,000 support level to start the bull run.
- A break of the $61,000 support level will invalidate the bull run and potentially trigger a correction.
The recent drop in the price of Bitcoin (BTC) wiped out billions in open interest and triggered a few hundred million in liquidations. With upcoming events in crypto and the broad stock market, the chances of a reversal are high.
Is the Crypto Market Reset?
With the increase in Bitcoin Spot ETF reaching $886 million in inflows on June 4, investors expected the market outlook to turn bullish. Just two days later, BTC dropped around 2%, wiping out $4.21 billion in open interest and triggering over $400 million in liquidations. This movement showed that crypto market it was highly leveraged and the recent move was a necessary flow before establishing a directional trend.
BTC ETF spot net flows
Bitcoin Bias Check
Despite the positive increase in BTC spot ETF inflows, Bitcoin’s price outlook still remains uncertain. Here are some key levels to watch out for:
- The 4-hour imbalance, extending from $62,994 to $64,733, is a key zone for accumulating BTC.
- A weekly move through the $71,000 barrier will likely kick off an uptrend and propel BTC to new all-time highs (ATHs).
- On the other hand, a break of $61,000 of the weekly support level will likely initiate a bearish move for the crypto market.
BTC/USDT 1-Day Chart
Crypto Events This Week
Monday, June 10th:
Tuesday, June 11:
- Fetch.ai, Ocean Protocol and SingularityNET ASI Merge
Wednesday, June 12th:
- US Consumer Price Index (CPI)
Friday, June 14th:
- The start of the Euro 2024 tournament could trigger a volatile change in the price of Chiliz (CHZ)
Hot or not?
In addition to these events, investors need to monitor the following altcoin sectors as they may see a rise due to curling effects.
- In the gaming sector, Gala (GALA) could see increasing interest due to Euro 2024.
- Meme coins like Shiba Inu (SHIB), Dogecoin (DOGE) and new generation altcoins like GME could see ripple effects if there is a significant development around Roaring Kitty aka Keith Gill. Gill gained massive popularity in 2021 due to the Reddit Rally that boosted GME’s share price by 1,600%, and his recent comeback has sent GME soaring.
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