Welcome to Extreme Investor Network, where we provide you with the latest insights and analysis on the Stock Market, trading, and Wall Street trends. Today, we will be discussing some key highlights from the recent activity in the ETF market and providing technical analysis on Bitcoin.
In the ETF market, we saw net outflows increase for several key players. GBTC saw net outflows of $93.2 million, while FBTC had net outflows of $35.3 million. The Bitwise Bitcoin ETF (BITB) recorded net outflows of $34.3 million. Excluding flow data for IBIT, the US BTC-spot ETF market saw total net outflows of $161.6 million. If IBIT continues to see outflows, the US BTC-spot ETF market will extend its outflow streak to five sessions. In April, excluding IBIT data, the US BTC-spot ETF market saw total net outflows of $344.0 million.
Shifting our focus to the Hong Kong BTC and ETH-spot ETFs, we observed their first day of trading. While they may not have blown investors away, the numbers were positive in relative terms. Bloomberg Intelligence ETF Analyst James Seyffart shared that HK BTC-spot ETFs saw trading volumes of $9.74 million, with ETH-spot ETFs recording trading volumes of $3.01 million. ETH also ended the Tuesday session down 6.29% to $3,014.
Now, let’s delve into some technical analysis for Bitcoin. BTC remains below the 50-day EMA but is holding above the 200-day EMA. This confirms a bearish near-term trend but a bullish longer-term outlook. A break above the $60,365 resistance level could support a move towards $64,000 and the 50-day EMA, with a potential breakout towards the $69,000 resistance level. On the flip side, a drop below the $58,500 handle could signal a fall towards the $52,884 support level.
As we approach Wednesday, keep an eye on US labor market data, the FOMC Press Conference, and BTC-spot ETF flow data from the US. With a 35.93 14-Daily RSI reading, BTC may have some volatility ahead, potentially dropping to the $58,500 handle before entering oversold territory.
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