DeFi
Bitcoin Inflows: Will BTC Drop Below $60,000 Again?
Bitcoin barely pulled its value higher after falling to $58,890 on June 25. BTC Price Bitcoin price has now settled around $61,095.35, but the fear of another similar drop and a loss for the bears is constant. Many crypto analysts have accused traders and miners of opening new long positions since the beginning of the year. Bitcoin halved event.
BTC had its moment in early June when the price peaked at $71,103, but the continued downtrend since June 6 until now has brought the price back to current lows. This recent decline is a result of heavy liquidations on various defi platforms.
Bitcoin inflows saved the day
Bitcoin started the major downtrend on the 24th and continued to fall, but with increasing inflows into the US Spot Bitcoin ETFsit could manage a rise where it hits $62,322 before facing a minor correction.
BTC Spot ETFs experienced a seven-day outflow streak, which ended on Tuesday with an inflow of $31 million. Bitcoin ETFs remained in the shadows for a while as Blackrock IBIT and a few others reported zero flows into ETFs for days. Additionally, there have only been two minor entries in the last 13 days, and both were under $2 million. Although IBIT only saw $1.1 million in inflows, it was enough to pull the BTC price out of the decline.
LATEST NEWS: BlackRock Spot #Bitcoin The ETF achieved $1.1 billion in trading volume today 👀 pic.twitter.com/WRNSsIvdAY
– Bitcoin Magazine (@BitcoinMagazine) June 25, 2024
Fidelity’s FBTC saw the largest Bitcoin inflows at $19 million, leading the ETF pack, followed by Grayscale’s GBTC with $4 million in inflows. This was an indication of bullish investor sentiment amid the $6.68 billion BTC options expiry on Friday. Additionally, $3.5 billion worth of ETH options are expiring in the same manner and, along with BTC, could influence an uptrend.
Will BTC fall below $60,000 again?
Despite the recovery in BTC price, it is in an overall selling zone, where the MACD level (12.26) is at -1697, indicating the selling zone. However, the relative strength index has recovered from yesterday’s oversold zone and is neutral with 34 points.
Moving forward with exponential and simple moving averages, the 5-100 frame supports selling, but the 200-week range shows key resistance around 65,312. If BTC could break this milestone, an uptrend could begin, leading to a new all-time high. However, if the charts move below $60,783, it may risk falling below $60,000.
#Bitcoin Imminent rebound. 🚀 pic.twitter.com/wlYv1XVLX6
– Crypto Titan (@Washigorira) June 27, 2024
With a few analysts supporting the same, a BTC drop below $60,000 is less likely as Bitcoin inflows are consistent with charts favoring a recovery. The Crypto Titan, a crypto analyst, called the BTC rebound imminent, hinting at an upcoming breakthrough. However, the next few hours will be crucial in determining where the charts move.
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