Markets
The cryptocurrency market is likely to recover after the recent recovery
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- Inflows into the Bitcoin spot ETF market suggest a shift in market sentiment.
- BTC price needs to break above the $71,000 support level to kick off the bull run.
- A breakdown of the $61,000 support level would invalidate the bull run and could trigger a correction.
The recent drop in the price of Bitcoin (BTC) has wiped out billions in open interest and triggered liquidations worth a few hundred million. With upcoming events in the crypto and broader industry action market, the chances of a trend reversal are high.
Will the cryptocurrency market recover?
With the increase Bitcoin spot ETF that saw inflows of $886 million on June 4, investors expected the market outlook to turn bullish. Just two days later, BTC plunged about 2%, wiping out $4.21 billion in open interest and triggering liquidations of more than $400 million. This move proved that the cryptocurrency market it was heavily in debt and the recent movement was a necessary revival before establishing a directional orientation.
Net flows of BTC spot ETFs
Bitcoin Bias Check
Despite the positive increase in BTC spot ETF inflows, Bitcoin’s price outlook still remains uncertain. Here are some key layers to note:
- The 4-hour imbalance, which extends from $62,994 to $64,733, is a key zone to accumulate BTC.
- A weekly reversal of the $71,000 hurdle will likely kick off an uptrend and push BTC to new all-time highs (ATH).
- Conversely, a breakdown below $61,000 at the weekly support level will likely trigger a bearish move for the cryptocurrency market.
BTC/USDT daily chart
Crypto events this week
Monday 10 June:
Tuesday 11 June:
- Fetch.ai, Ocean Protocol and SingularityNET ASI Merge
Wednesday 12 June:
- United States Consumer Price Index (CPI)
Friday 14 June:
- The start of the Euro 2024 tournament could trigger a volatile movement in the price of Chiliz (CHZ).
Hot or not?
In addition to these events, investors should monitor the following altcoin sectors, as they may see upside due to ripple effects.
- In the gaming sector, the Gala (GALA) could see increased interest due to Euro 2024.
- Meme coins like Shiba Inu (SHIB), Dogecoin (DOGE), and next-gen altcoins like GME could see ripple effects if there is a significant development around Roaring Kitty, aka Keith Gill. Gill gained huge popularity in 2021 thanks to the Reddit Rally that pushed the GME stock price by 1,600% and his recent comeback caused GME to surge.
- Inflows into the Bitcoin spot ETF market suggest a shift in market sentiment.
- BTC price needs to break above the $71,000 support level to kick off the bull run.
- A breakdown of the $61,000 support level would invalidate the bull run and could trigger a correction.
The recent drop in the price of Bitcoin (BTC) has wiped out billions in open interest and triggered liquidations worth a few hundred million. With upcoming events in the crypto and broader industry action market, the chances of a trend reversal are high.
Will the cryptocurrency market recover?
With the increase Bitcoin spot ETF that saw inflows of $886 million on June 4, investors expected the market outlook to turn bullish. Just two days later, BTC plunged about 2%, wiping out $4.21 billion in open interest and triggering liquidations of more than $400 million. This move proved that the cryptocurrency market it was heavily in debt and the recent movement was a necessary revival before establishing a directional orientation.
Net flows of BTC spot ETFs
Bitcoin Bias Check
Despite the positive increase in BTC spot ETF inflows, Bitcoin’s price outlook still remains uncertain. Here are some key layers to note:
- The 4-hour imbalance, which extends from $62,994 to $64,733, is a key zone to accumulate BTC.
- A weekly reversal of the $71,000 hurdle will likely kick off an uptrend and push BTC to new all-time highs (ATH).
- Conversely, a breakdown below $61,000 at the weekly support level will likely trigger a bearish move for the cryptocurrency market.
BTC/USDT daily chart
Crypto events this week
Monday 10 June:
Tuesday 11 June:
- Fetch.ai, Ocean Protocol and SingularityNET ASI Merge
Wednesday 12 June:
- United States Consumer Price Index (CPI)
Friday 14 June:
- The start of the Euro 2024 tournament could trigger a volatile movement in the price of Chiliz (CHZ).
Hot or not?
In addition to these events, investors should monitor the following altcoin sectors, as they may see upside due to ripple effects.
- In the gaming sector, the Gala (GALA) could see increased interest due to Euro 2024.
- Meme coins like Shiba Inu (SHIB), Dogecoin (DOGE), and next-gen altcoins like GME could see ripple effects if there is a significant development around Roaring Kitty, aka Keith Gill. Gill gained huge popularity in 2021 thanks to the Reddit Rally that pushed the GME stock price by 1,600% and his recent comeback caused GME to surge.
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