Welcome to Extreme Investor Network, where we provide unique insights and expert analysis on the Stock Market, trading, and all things related to Wall Street. In today’s update, we look at some key inflow and outflow data in the cryptocurrency market.
On Wednesday, Grayscale Bitcoin Trust (GBTC) saw net outflows of $26.2 million, while ARK 21Shares Bitcoin ETF (ARKB) had net inflows of $3.3 million. Fidelity Wise Origin Bitcoin Fund (FBTC) reported net inflows of $1.4 million. The US BTC-spot ETF market, excluding flow data for iShares Bitcoin Trust (IBIT) and Invesco Galaxy Bitcoin ETF (BTCO), saw total net outflows of $21.5 million.
Investors need to remain vigilant as updates related to Mt. Gox and US crypto-spot ETF flow data can significantly impact the crypto market. It is crucial to monitor real-time data and expert commentary to make informed decisions and adjust trading strategies accordingly. Stay tuned to our latest news and analysis to effectively manage risk in the crypto market.
In terms of technical analysis, Bitcoin (BTC) has remained above the 50-day and 200-day EMAs, indicating a bullish trend. A breakout from $65,000 could push the bulls towards the $69,000 resistance level, which, if surpassed, could signal a move towards the all-time high of $73,808.
However, it is essential to consider BTC-spot ETF market flow data and Mt. Gox-related news as these factors can impact price movements. On the downside, a drop below the $64,000 support level and the 50-day EMA could lead to a test of the $60,365 support level. With a 54.83 14-Daily RSI reading, BTC may see a push towards $70,000 before potentially entering overbought territory.
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