As a seasoned cryptocurrency investor with a keen eye on market trends, I’ve seen my fair share of ups and downs in Bitcoin price. The recent spike in investors’ risk appetite after the halving last week was an exciting development that had many of us optimistic about reaching new heights. However, the past couple of days have brought a halt to this momentum.
I’ve noticed a shift in investor sentiment towards risk-taking following the Bitcoin halving last week. However, this surge in interest has recently come to a standstill, leaving Bitcoin without the necessary demand to move lower in the market. This apathy towards buying Bitcoin is evident in the decrease in inflows into Bitcoin ETFs. Additionally, the overall crypto market shows little excitement, indicating that even those anticipating a rally above $70,000 may be experiencing exhaustion and are taking a more cautious approach.
Navigating Bitcoin Price Today As ETF Outflows Gain Momentum
On Thursdays apportion, the Bitcoin rate remains around $63,473. In the preceding 24 hours, Bitcoin experienced a 2.6% decrease, resulting in a comparable reduction in the aggregate crypto market value, now estimated at $2.46 trillion according to CoinGecko’s latest data.
Opposing factors in the Bitcoin ETF market are impeding the predicted surge of Bitcoin to reach $100,000 by the end of 2024. On the downside, the consistent daily net outflow volume is exerting pressure on Bitcoin and contributing to its decline in value.
I’ve noticed an intriguing trend in the ETF market according to SoSoValue’s data. On April 23, ETF volume took a surprising turn, recording a negative figure of approximately -$120 million. This unexpected shift reflects the prevailing uncertainty in the market. Most ETF issuers have yet to experience net inflows, but two notable exceptions are Fidelity and Ark Invest. These trailblazers reported positive figures, with Fidelity attracting $5.61 million and Ark Invest securing $4.17 million in net inflows on that day.
The largest amount of money, totaling $130 million, was withdrawn from Grayscale’s GBTC ETF on April 23. If the sentiment towards Bitcoin doesn’t improve in the near future, the current net inflow of $12.29 billion could decrease and fall below the $10 billion threshold. This decrease may add more pressure to the price of Bitcoin.
From an observational standpoint, I notice that Bitcoin’s current technical situation isn’t promising as it hovers beneath both the 20-day Exponential Moving Average (EMA) and the 50-day EMA. These averages are represented by the blue and red lines on the chart.
I’ve noticed from examining the Money Flow Index (MFI), a tool for assessing the pace of capital inflows and outflows within Bitcoin markets, that sellers have held significant influence over Bitcoin’s price action since it reached its all-time high of $73,835.
If the current trend continues, the price of Bitcoin may dip down to test the support levels at $62,000 and $60,000 before attempting another recovery.
It’s possible that the price could fall as low as $56,000 or even $52,000 more, considering ongoing geopolitical issues in the Middle East which continue to worry investors worldwide. The 200-day moving average, represented by the purple line, is currently at $51,327.
Instead of the bearish trend continuing for Bitcoin’s price, traders need to step in and purchase the dips with the goal of bridging the price gap up to this week’s peak of $67,360.
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2024-04-25 20:11