Bitcoin Inflows: Will BTC DIP Below $60k Again?

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As a seasoned crypto investor with several years of experience in this volatile market, I’ve seen my fair share of ups and downs. The recent price drop in Bitcoin from its peak at $71,103 to the current lows around $61,095 has left many of us feeling a sense of deja vu.

As a researcher studying the cryptocurrency market, I’ve noticed that Bitcoin‘s value took a dip to $58,890 on June 25th, but has since rebounded slightly to around $61,095.35. However, there remains a lingering sense of unease among investors, with fears of another potential decline and loss to the bears. Some crypto analysts have pointed fingers at traders and miners for allegedly opening new long positions following the Bitcoin halving event.

Bitcoin Inflows: Will BTC DIP Below $60k Again?

At the start of June, Bitcoin reached a peak price of $71,103. However, a persistent decline in value since June 6th has caused the current low prices. This latest decrease can be attributed to massive sell-offs occurring on various Decentralized Finance (DeFi) platforms.

Bitcoin Inflows Saved The Day

Beginning on the 24th, Bitcoin experienced a significant decline in value. However, there has been a notable increase in investments flowing into US Bitcoin spot Exchange-Traded Funds (ETFs). This influx could potentially lead to an upward trend for Bitcoin, pushing its price up to $62,322 before encountering a brief correction.

BTC Spot ETFs experienced a seven-day streak of outflows that came to an end on Tuesday with a $31 million influx. The Bitcoin ETF trusts have seen little activity recently, with Blackrock’s IBIT and others reporting no flows for several days in a row. In the past 13 days, there were only two minor inflows into these trusts, each under $2 Million. Despite the small inflow of $1.1 Million into IBIT, it was sufficient to halt the recent downtrend in Bitcoin’s price.

JUST IN: BlackRock’s spot #Bitcoin ETF did $1.1 billion in trading volume today

— Bitcoin Magazine (@BitcoinMagazine) June 25, 2024

The Fidelity’s FBTC fund saw the largest Bitcoin inflows amounting to $19 million, making it the front-runner among all ETFs. Grayscale’s GBTC followed with $4 million in inflows. This influx of funds signals the optimistic outlook of investors as they prepare for Friday’s massive $6.68 billion Bitcoin options expiry. Similarly, approximately $3.5 billion worth of Ethereum options are set to expire on the same day, potentially contributing to a rising trend in the cryptocurrency market.

Will BTC DIP Below $60k Again?

As a crypto investor, I’ve noticed that although Bitcoin’s price has bounced back, it remains in a broader selling territory. The MACD (12,26) indicator, which I closely monitor, currently stands at -1697. This negative value suggests an intense selling pressure. However, the Relative Strength Index (RSI) has shown some improvement and is now neutral, hovering around the 34-point mark. Despite this recovery, I would exercise caution before making any significant investment moves in this market.

As a researcher studying Bitcoin’s price movements, I’ve found that the timeframe between 5 to 100 days is significant for identifying selling opportunities. However, when it comes to resistance levels, the 200-week range around 65,312 stands out as particularly noteworthy. If Bitcoin manages to breach this level, an uptrend could ensue, potentially leading us to a new all-time high. Conversely, if we see a downturn and the price falls below 60,783, there’s a risk of further declines.

#Bitcoin Bounce imminent.

— Titan of Crypto (@Washigorira) June 27, 2024

As a cryptocurrency analyst, I believe that the recent drop in Bitcoin’s price below $60,000 is less probable based on consistent inflows into the market. Several other analysts share this perspective, and we have observed patterns in the charts suggesting an imminent recovery. However, the coming hours will provide critical insights into the direction of Bitcoin’s price movement. The Titan of crypto has predicted a bounce and potential breakout, making these hours especially crucial for monitoring the market closely.

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2024-06-27 15:44