Welcome to Extreme Investor Network, where we provide you with the latest insights and analysis on the Stock Market, trading, and all things Wall Street. Today, we’re diving into the world of BTC and ETFs with some unique information that you won’t find anywhere else.
Recently, Bloomberg Intelligence Senior ETF Analyst Eric Balchunas shared his thoughts on the connection between spot ETF inflows and BTC price trends. According to Balchunas, the recent surge in ETF purchases is not the driving force behind BTC price movements. Instead, he suggests that it could be Bitcoin holders selling off their assets or leveraged traders making moves in the market.
Looking ahead, the upcoming US Jobs Report could play a significant role in shaping the appetite for US BTC-spot ETFs and BTC itself. Economists are predicting an increase of 185k nonfarm payrolls in May, accompanied by a 3.9% year-on-year growth in average hourly earnings. Additionally, the US unemployment rate is expected to hold steady at 3.9% for the month of May.
From a technical analysis perspective, BTC is showing bullish signals as it remains above the 50-day and 200-day EMAs. A breakout above the recent high of $71,659 could propel BTC towards the all-time high of $73,808. However, a drop below the $69,000 support level may indicate a move towards the 50-day EMA.
As we navigate through the market dynamics influenced by the US Jobs Report, ETF flows, and regulatory discussions, it’s crucial to keep a close eye on the 14-Daily RSI reading for BTC. With a reading of 62.72, there is potential for a climb towards the all-time high before entering overbought territory.
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