Source: Niu Guluyao
On Thursday, June 27th, the inflow of Bitcoin ETF funds was positive, exceeding $21 million. This inflow was led by Fidelity, while BlackRock remained stagnant. Additionally, after a period of continuous outflows, Grayscale’s GBTC drew attention with positive fund inflows. These inflows come at a crucial time for Bitcoin (BTC) and the cryptocurrency market, as the US GDP growth data will be released on Thursday, June 27th.
Latest Bitcoin ETF Inflow Data
Fidelity’s FBTC ETF saw new investments of $18.6 million. Meanwhile, after significant outflows recently, Grayscale’s GBTC unexpectedly saw an inflow of $4.3 million. However, BlackRock’s Bitcoin ETF (IBIT) remained stable with no inflows.
Bitwise’s BITB, Invesco Galaxy’s BTCO, Franklin Templeton’s EZBC, and Valkyrie’s BRRR ETFs also showed the same trend, with no inflows. In addition, VanEck’s HODL saw an inflow of $3.4 million.
On the other hand, Ark was the only fund to experience outflows, with a total of $4.9 million. Prior to this, on Tuesday, 10 Bitcoin ETFs had a net inflow of $31 million, reversing the trend of outflows from the previous week. Furthermore, the recent inflows have solidified investors’ renewed interest in these funds.
Meanwhile, the price of Bitcoin has been fluctuating between $61,000 and $62,000, indicating market indecision. The upcoming US GDP growth rate data may impact the market.
Furthermore, Friday, June 28th is an important date, as quarterly futures and options will settle on this day. These events are known for market volatility. Additionally, investors are preparing for the favored inflation data of the Federal Reserve – the Personal Consumption Expenditures (PCE) index, which coincides with the expiration of significant options worth $6.72 billion.
The maximum pain point for these Bitcoin options is $57,000, raising concerns about a collapse. Over 104,000 options will expire on Friday, with a put-call ratio of 0.52. While most gamblers are bullish on the price of Bitcoin, the maximum pain point paints a different picture.
What’s next for BTC price?
The current price of Bitcoin hovers above the key support level of $60,000, which has been tested over five times since March 2024. Additionally, the oldest cryptocurrency trades below the 50-day simple moving average (SMA) but above the 200-day SMA, indicating a tug of war between bullish and bearish sentiments.
Currently, Bitcoin’s relative strength index (RSI) is at 33, slightly above the oversold threshold of 30, which analysts believe could trigger a rebound. However, the BTC price is currently below its moving average, indicating a potential further decline.
Over the past four months, the price of Bitcoin has been consolidating within a wide range, with an upper limit of $73,500 and a lower limit of $60,000. Bulls need to push the price above $65,000 to regain control, which may face resistance around $72,000.
On the other hand, breaking below $60,000 could trigger panic selling, potentially pushing the price down to the support area of $50,000 to $52,000. Additionally, the release of the US GDP growth rate data is a significant event that could affect market sentiment.
Strong GDP growth typically indicates a robust economy, which can boost investor confidence in riskier assets such as Bitcoin. Conversely, weak GDP growth could exacerbate economic uncertainty, leading investors to seek safer havens such as gold and potentially causing a decline in Bitcoin prices.
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