Welcome to Extreme Investor Network, where we bring you the latest insights and analysis on the stock market, trading, and all things Wall Street. Today, we bring you a closer look at the longest daily inflow streaks in the market, as of 25/04/24.
While BTC continues to respond to the BTC-spot ETF market flow data, it’s crucial for investors to also keep an eye on US economic data. Later today, all eyes will be on the US GDP numbers for Q1 2024, which could have a significant impact on investor sentiment. A stronger-than-expected US economy could potentially alter investor expectations for a September Fed rate cut, ultimately influencing the BTC-spot ETF market inflow trends and BTC prices.
Economists are forecasting a 2.5% expansion in the US economy for Q1 2024, following a 3.4% growth in Q4 2023. This data will be closely watched by investors looking for clues on the future direction of the market.
In terms of technical analysis, BTC is currently trading below the 50-day EMA but above the 200-day EMA. The EMAs are sending mixed signals, with bearish near-term indications but bullish longer-term prospects. A break above the 50-day EMA could pave the way for a move towards the $69,000 resistance level, with a potential rally towards the $70,000 mark.
On the flip side, a drop below the $64,000 support level could open the doors for bearish pressure, with a possible test of the $60,365 support level. With a 14-Daily RSI reading of 45.73, BTC could see further downside potential before entering oversold territory.
As we head into a new trading day, keep an eye on the US GDP numbers and BTC-spot ETF flow data for potential market-moving developments. Stay tuned to Extreme Investor Network for all the latest updates and insights on the stock market and trading landscape. Happy investing!
