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CNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what’s to come with top-notch interviews, explainers and exclusive stories from the ever-changing crypto industry. Ben McMillan, CIO and founder of IDX Digital Assets, the state of crypto markets and the future of crypto ETFs. Additionally, Chris King of Eaglebrook Advisors weighs in on the adoption of spot crypto ETFs by investment advisors.

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Friday, June 28, 2024, 3:00 PM EDT

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Is Bitcoin bottoming out after the latest dip, or will the price continue its short-term downtrend as this signal suggests? Crypto World Analyst Josh looked at several BTC charts and said that there were not many changes in the last day.

Examining the everyday Bitcoin chart, he said the price continues a short-term bounce from the support area between $60,000 and $61,000, recently seen at the local low. If there is a confirmed break below $60,000, the next significant support area will be between $56,500 and $58,000.

Bitcoin’s daily RSI has entered oversold territory for the first time in many months, which historically indicates that the price is very close to or has already reached a local low. This suggests a potential bounce or sideways consolidation in the near term.

Downtrend resistance and relief levels

Downtrend relief may involve a reduction in bearish price action or momentum, resulting in choppy sideways price action or a bullish bounce to areas of resistance around $63,000 to $64,000, and possibly from $67,000 to $68,000, with massive resistance between $72,000 and $74,000. .

It would only become more bullish in the short term if there were breaks above significant resistance levels such as $64,000 and ideally $68,000, along with a bearish trend reversal in the DXY. Without such bullish reversal signs, the market remains in a short-term bearish trend. However, some relief from this trend is expected in the short term, likely in the next few days to a week.

Positive News and Bitcoin ETF Flows

The analyst also discussed positive news and said that on Tuesday there was a change Bitcoin ETF Flows. After weeks of near-constant net outflows, there has finally been a net inflow. While it was a relatively small net inflow of around $31 million, it is still better than the outflows. If this trend of net inflows continues, it could be bullish for Bitcoin.

Read too: Bitcoin price prediction: what to expect in the coming months?

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Billionaire entrepreneur Peter Thiel says he still owns Bitcoin (BTC) and continues to support the benchmark cryptocurrency.

.Thiel has something else to say about Bitcoin – specifically its price. The entrepreneur and founder of venture capital firm Founders Fund says that Bitcoin’s price may not rise as “dramatically” as many expect. Thiel shared this view during a interview at the Aspen Ideas Festival in Colorado on Thursday.

Peter Thiel Still Holds Bitcoin

During the interview, in which Thiel commented on Nvidia, TikTok and the upcoming US election, CNBC’s Andrew Ross Sorkin asked Thiel if he still held his Bitcoin.

Thiel responded that he “still has some,” adding that he hasn’t bought as much as he would like. But when commenting on the market outlook, specifically the price of Bitcoin, he shared some caution.

According to Thiel, the value of the leading crypto asset is unlikely to “go up dramatically from here.” The view contrasts with some of the more bullish predictions for Bitcoin in the space.

Thiel’s Founders Fund Purchases $200 Million in BTC

In February of this year, reports suggested that Thiel’s Founders Fund had invested $200 million in Bitcoin and Ethereumwith $100 million each going to BTC and ETH. The fund purchased the leading cryptocurrency with prices hovering around $30,000 in the summer of 2023.

The new purchases come after Founders Fund reportedly liquidated all of its Bitcoins first acquired in 2014, with the sale made before the devastating bear market crash of 2021.

Notably, BTC currently trades around $60,800, up 100% over the past year. Interestingly, Thiel’s Founding Fund purchased Bitcoin last summer – and the price was significantly lower than it is today.

Although the digital asset has struggled since reaching an all-time high above $73,000 in March of this year, the price of BTC is up 37% year-to-date (at the time of writing).

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A large whale recently transferred $61.55 million worth of Bitcoin to Coinbase after six years of dormancy

According to cryptocurrency analytics platform LookonchainA long-dormant wallet came back to life after six years to deposit 1,000 BTC ($61.55 million) into Coinbase Prime just a few hours ago.

The latest transfer comes after a few other notable Bitcoin transactions that took place earlier this week. As reported by U.TodayThe US government recently sent around $241 million worth of Bitcoin to Coinbase on June 26. Despite some concerns from the community, the transfer did not trigger any significant price movement.

On July 27, a extremely rare the transfer took place, with $3 million worth of Bitcoin that was mined there in 2010 being transferred to the Binance exchange. These coins came from the CPI mining era, when it was possible to mine the original cryptocurrency with a personal computer without using any specialized hardware.

Bitcoin remains in crisis

The price of the largest cryptocurrency is currently changing hands at $61,522 after peaking at $62,314, according to CoinGecko data. The leading cryptocurrency fell nearly 5% last week.

As reported by U.Todayinflows into large Bitcoin wallets have gained momentum following a recent price drop.

After seeing a brief relief rally following its dip below the $59,000 level, the leading cryptocurrency is struggling to regain bullish momentum without a single major bullish catalyst in sight.

That said, it is worth mentioning that Bitcoin exchange-traded funds have not returned to inflows, which should offer some much-needed respite to the bulls.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader, and journalist with extensive experience covering everything related to the booming industry — from price analysis to blockchain disruption. Alex has authored over 1,000 stories for U.Today, CryptoComes, and other fintech media outlets. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets and can be reached at alex.dovbnya@u.today.

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