Welcome to Extreme Investor Network, where we provide you with exclusive insights and analysis on the stock market, trading, and all things related to Wall Street. Today, we want to talk about the current trends in the US BTC-spot ETF market that could potentially impact the supply of Bitcoin.
As of now, the US government holds a significant BTC stockpile of 203,239 BTC, equivalent to $12.36 billion. In addition, Mt. Gox still has 44,899 BTC ($2.73 billion) to repay its creditors. The potential risk of BTC sell-orders from these entities hitting the market could pose a challenge for Bitcoin’s price.
One key event to keep an eye on is Fed Chair Powell’s speech at the Jackson Hole Symposium on August 23. His remarks could influence BTC demand, especially in light of the recent US economic data and the possibility of future Fed rate cuts. Being informed and staying updated with our latest news and analysis will help you navigate the ever-changing landscape of the crypto market.
In terms of technical analysis, Bitcoin is currently hovering below the 50-day EMA but remains above the 200-day EMA, indicating mixed signals for its short-term and long-term price direction. A breakout above the 50-day EMA could lead to a challenge of the $64,000 resistance level, with a potential move towards $69,000 if that level is breached.
On the other hand, a drop below the $60,365 support level could trigger a test of the 200-day EMA, potentially bringing the price down to $55,000 if the bearish momentum persists. With the 14-Daily RSI reading at 50.93, Bitcoin may have room to rise towards $64,000 before entering overbought territory.
As investors, it’s crucial to factor in the influence of Fed Chair Powell, US BTC-spot ETF market flow trends, and supply-related news when making trading decisions. At Extreme Investor Network, we equip you with the tools and knowledge needed to stay ahead in the fast-paced world of trading and investing. Stay tuned for more exclusive content and expert analysis to help you optimize your investment strategies.