Welcome to Extreme Investor Network, where we provide you with the latest insights and analysis on the Stock Market, trading, and all things related to Wall Street. Today, we want to dive into the recent developments in the US Bitcoin ETF market and how they are impacting BTC price trends.
According to recent data, Grayscale Bitcoin Trust (GBTC) experienced net outflows of $43.4 million, while Bitwise Bitcoin ETF (BITB) reported net inflows of $6.8 million. ARK 21Shares Bitcoin ETF (ARKB) and Fidelity Wise Origin Bitcoin Fund (FBTC) also saw significant activity in the market. Overall, excluding flow data for iShares Bitcoin Trust (IBIT), the US BTC-spot ETF market witnessed total net outflows of $25.5 million.
The flow data from Thursday has set the tone for the Friday session, with BTC down 0.55% to $62,749 early in the day. As we move forward, US economic indicators, FOMC member speeches, and Michigan Consumer Sentiment figures could impact near-term BTC price trends. Investors should pay close attention to potential effects on buyer demand for BTC.
In terms of technical analysis, BTC is currently below the 50-day EMA but above the 200-day EMA, indicating bearish near-term signals and bullish longer-term signals. A breakout above the $64,000 resistance level could propel BTC towards the $69,000 resistance level and potentially the $73,808 all-time high. Conversely, a break below the $60,365 support level could lead to a downturn towards sub-$58,000 levels.
As we navigate through the complexities of the market, it’s crucial to stay informed about US lawmaker chatter, SEC activity, and BTC-spot ETF market flow data. Our team at Extreme Investor Network is dedicated to providing you with unique insights and valuable information to help you make informed investment decisions. Stay tuned for more updates and analysis on Bitcoin and the Stock Market.
