Welcome to Extreme Investor Network, where we provide unique insights and analysis on the stock market, trading, and Wall Street trends. Today, we dive into the recent developments in the crypto market and their impact on investor sentiment.
The influence of mainstream media on investor sentiment cannot be underestimated, as seen in the reaction to Friday’s WSJ article and previous crypto articles. Senator Warren and others have leveraged WSJ reports to fuel anti-crypto sentiment, with the Digital Asset Anti-Money Laundering Act being a key focus.
In the US BTC-spot ETF market, we have seen a continued inflow streak, with total net inflows of $402 million on Friday, October 25. This trend cushioned the downside for BTC, supporting its move towards $70,000. Notable players in the market, such as iShares Bitcoin Trust (IBIT) and Fidelity Wise Origin Bitcoin Fund (FBTC), have reported significant inflows, while others like ARK 21Shares Bitcoin ETF (ARKB) and Bitwise Bitcoin ETF (BITB) experienced outflows.
Looking ahead, investors should keep a close eye on crucial US economic indicators, including labor market and inflation reports, which could influence the Fed rate path. The upcoming US Presidential Election will also be a focal point, with potential implications for BTC’s price movement.
From a technical analysis perspective, BTC remains bullish, well above the 50-day and 200-day EMAs. A breakout above $67,500 could support a move towards $70,000, while a break below $66,500 may signal a test of the $64,000 support level. With a 57.34 14-day RSI reading, BTC may see further upside potential before entering overbought territory.
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