The recent release of macroeconomic data in the United States has led to a significant increase in Bitcoin. According to TradingView, on June 27th, after the opening of the Wall Street stock market, Bitcoin reached a peak of $62,323 on the central cryptocurrency exchange. Although the US unemployment figures were lower than expected, it did not trigger new inflation concerns in the cryptocurrency field.
What do the recent data show?
The BTC/USD pair rose by 2.3% at the time of the report. Investors hope that this trend may push selling liquidity above spot prices. Well-known trader Daan Crypto Trades commented on the liquidity situation, emphasizing the absorption of liquidity at $59,000 and an interesting battle that may occur in the coming weeks. Visit COINTURK FINANCE for the latest financial and business news.
Another analyst, Jelle, pointed out that despite the US and German governments cracking down on coins and Mt.Gox repaying creditors, Bitcoin has been able to maintain lower levels. This resilience shows strong support for cryptocurrency.
Does the Exchange-Traded Fund (ETF) affect Bitcoin?
Daan Crypto Trades also noted that the US spot Bitcoin exchange-traded fund saw positive net inflows for the second consecutive day. Data from the UK investment company Farside Investors showed a management of $21.4 million on June 26th, following $31 million the day before.
Axel Adler Jr, a contributor to the blockchain data analysis platform CryptoQuant, weighed the time it took for Bitcoin to recover from its peak in March. By comparing the current trend with that of late 2019, he suggested a possible five-month adjustment, with a maximum decline of -46%.
Investors’ main takeaways
– Monitor US macroeconomic data, as it will have a significant impact on Bitcoin prices.
– Pay close attention to liquidity levels around $59,000 as a potential buying opportunity.
– Monitor the net inflows of Bitcoin ETF and view it as a positive market signal.
– Understand historical patterns, but be aware that significant buybacks may change the trend.
Adler further stated that positive buybacks of over 50 million Bitcoins worth $31 billion could disrupt this adjustment. Additionally, he pointed out that the profit supply of Bitcoin has decreased by 18%, reflecting investors’ pessimism.
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