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Bitcoin has barely pulled its value upwards after declining to $58,890 on June 25. The BTC price has now settled around $61,095.35, but the fear is constant for another similar decline and loss to the bears. Many crypto analysts have accused the traders and the miners of opening new long positions since the Bitcoin halving event.
BTC had its moment at the beginning of June when the price peaked at $71,103, but the continuous downtrend since June 6 till now has brought the price to the current lows. This recent drop was the result of the heavy liquidations on various defi platforms.
Bitcoin Inflows Saved The Day
Bitcoin began the major downtrend on the 24th and has been moving down, but with the increased inflows in the US spot Bitcoin ETFs, it could manage an upsurge where it rose to $62,322 before facing a minor correction.
BTC Spot ETFs had a seven-day outflow streak, which ended on Tuesday with an inflow of $31 million. The Bitcoin ETF trusts have been under the drapes for quite some time, as Blackrock’s IBIT and a few others reported zero flows in ETFs for days. Moreover, it had only two minor inflows in the last 13 days, and both were under $2 Million. Though IBIT had only $1.1 Million in inflows, it was enough to bring the BTC price out of the drop.
JUST IN: BlackRock’s spot #Bitcoin ETF did $1.1 billion in trading volume today 👀 pic.twitter.com/WRNSsIvdAY
— Bitcoin Magazine (@BitcoinMagazine) June 25, 2024
The Fidelity’s FBTC had the biggest Bitcoin inflows of $19 million, leading the ETF’s pack, followed by Grayscale’s GBTC with $4 Million in inflows. It was an indication of the bullish sentiments of the investors amid the $6.68 Billion BTC options expiry on Friday. Also, $3.5 Billion worth of ETH options are expiring the same, and together with BTC might influence a surging trend.
Will BTC DIP Below $60k Again?
Despite the recovery in BTC price, it is in an overall selling zone, where the MACD (12,26) level is at -1697, indicating the selling zone. However, the Relative Strength Index has recovered from yesterday’s overselling zone and is at neutral with 34 points.
Moving ahead with exponential and simple moving averages, the frame of 5 to 100 supports the selling, but the 200-week range displays key resistance around 65,312. If BTC could cross that, an uptrend might begin, leading to a new all-time high. However, if the charts move down the $60,783, it can risk a drop below the $60K.
#Bitcoin Bounce imminent. 🚀 pic.twitter.com/wlYv1XVLX6
— Titan of Crypto (@Washigorira) June 27, 2024
With a few analysts backing the same, the BTC drop below $60K is less likely as the Bitcoin inflows are consistent with charts favoring a recovery. The Titan of crypto, a crypto analyst, has called the BTC bounce Imminent, hinting at an upcoming breakout. However, the next few hours are crucial to determine where the charts will move.
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