Sun, June 16, 2024

Bitcoin Ends at $69,570 After 0.16% Decline

bitcoin

Quick Look:

  • Bitcoin declined 0.16% on June 10, closing at $69,570, reflecting market volatility and economic factors.
  • U.S. BTC-Spot ETFs saw $55.4 million in outflows, the first since May, amid speculation on Fed’s interest rate actions.
  • Grayscale Bitcoin Trust, Invesco Galaxy Bitcoin ETF, and Fidelity Wise Origin BTC Fund faced significant outflows.

In the latest turn of events, Bitcoin saw a slight decline of 0.16% on June 10, reversing a previous gain of 0.43%. This left BTC closing at $69,570, a figure that holds significant psychological importance for investors. The minor drop reflects the ongoing market volatility influenced by broader economic factors and investor sentiment.

First Bitcoin Spot ETF Outflows Since May 10

On the same day, the U.S. BTC-Spot ETF market experienced outflows for the first time since May 10, indicating a shift in market dynamics. The change comes amidst growing speculation about the Federal Reserve’s potential actions concerning interest rates. Investors now increasingly believe that there might not be a rate hike in September, with the CME FedWatch tool showing the probability of no rate hike has risen from 49.5% to 51.0%.

This shift in sentiment has had tangible impacts on specific BTC-Spot ETFs. The Grayscale Bitcoin Trust (GBTC) saw net outflows of $39.5 million, while the Invesco Galaxy Bitcoin ETF (BTCO) experienced $20.5 million in outflows, marking its first since May 1. Similarly, the Fidelity Wise Origin BTC Fund (FBTC) had net outflows of $3.0 million, also a first since early May. The net outflows amounted to $55.4 million, indicating a notable withdrawal of funds from these investment vehicles.

Ethereum Drops 1.07% to $3,666 Amid BTC Volatility

The uncertainty surrounding the Federal Reserve’s rate path has also affected market sentiment towards BTC-spot ETFs. This cautious approach by investors is reflected in the broader cryptocurrency market, including Ethereum, which declined by 1.07% to close at $3,666 on June 10. Despite related activity in the US ETH-spot ETF market, hopes for a new US ETH-spot ETF have not been realized, further dampening investor enthusiasm.

Analysing Bitcoin’s current technical indicators reveals a mixed picture. BTC remains comfortably above its 50-day and 200-day Exponential Moving Averages (EMAs), with the 14-day Relative Strength Index (RSI) at 55.77, suggesting moderate bullish momentum. In a bullish scenario, Bitcoin targets $70,000, with the next significant resistance at $71,992, the high recorded on June 7. A breakout above this level could see Bitcoin challenge its all-time high of $73,808.

Bitcoin Must Hold $69K to Avoid Drop to $67,100

Conversely, in a bearish scenario, Bitcoin must hold above the critical support level of $69,000 to avoid further declines towards the 50-day EMA. The immediate resistance stands at $70,600, with support at $67,100, delineating a narrow trading range that highlights the market’s cautious stance.

Economic indicators continue to play a crucial role in shaping market expectations. A robust May employment report showing an addition of 272,000 jobs has bolstered investor confidence in potential rate cuts by September. This optimism about future economic policy has led to a recalibration of investment strategies, particularly within the cryptocurrency markets.

YOU MAY ALSO LIKE

Stocks

Quick Look: Bilibili Inc. (NASDAQ: BILI) saw an 8.48% rise to $15.61,

Tractable raises $60M to grow in accident - robot recovery

Quick Look: Ray Kurzweil predicts significant lifespan extension and human-AI integration by

Gold

Quick Look: Gold (XAU) reached a record high in May 2024, with

COMMENTS

Leave a Comment

Your email address will not be published. Required fields are marked *

User Review
  • Support
    Sending
  • Platform
    Sending
  • Spreads
    Sending
  • Trading Instument
    Sending

BROKER NEWS

Zenfinex Reports Revenue Surge but Faces Operating Losses

London-based broker Zenfinex, now operating as Taurex, has exposed its fiscal year 2023 financial results, which paint a complex picture of its economic situation. Zenfinex’s Fiscal Overview Zenfinex Limited’s revenue hit £848,306, a

BROKER NEWS

Broker News

Zenfinex Reports Revenue Surge but Faces Operating Losses

London-based broker Zenfinex, now operating as Taurex, has exposed its fiscal year 2023 financial results, which paint a complex picture of its economic situation. Zenfinex’s Fiscal Overview Zenfinex Limited’s revenue hit £848,306, a significant