- Bitcoin spot ETF market inflows suggest a shift in market sentiment.
- BTC price needs to clear the $71,000 support level to kickstart the bull run.
- A breakdown of the $61,000 support level will invalidate the bull run and potentially kickstart a correction.
The recent Bitcoin (BTC) price decline wiped out billions in open interest and triggered a few hundred million in liquidations. With the upcoming events in the crypto and the broader stock market, the chances of a reversal are high.
Crypto market resets?
With the uptick in Bitcoin spot ETF hitting $886 million in inflows on June 4, investors expected the market outlook to turn bullish. Just two days later, BTC dropped roughly 2%, wiping out $4.21 billion in open interest and triggering more than $400 million in liquidations. This move showed that the crypto market was highly leveraged and the recent move was a required flush before establishing a directional bias.
Spot BTC ETF net flows
Bitcoin’s bias check
Despite the positive uptick in BTC spot ETF inflows, Bitcoin’s price outlook still remains uncertain. Here are a few key levels to note:
- The 4-hour imbalance, extending from $62,994 to $64,733, is a key zone to accumulate BTC.
- A weekly flip of the $71,000 hurdle will likely kick-start a bullish bias and propel BTC to new all-time highs (ATHs).
- Conversely, a breakdown of $61,000 on the weekly support level will likely kick-start a bearish move for the crypto market.
BTC/USDT 1-day chart
Crypto events this week
Monday, June 10:
- Apple WWDC 2024
Tuesday, June 11:
- Fetch.ai, Ocean Protocol & SingularityNET ASI Merge
Wednesday, June 12:
- US Consumer Price Index (CPI)
Friday, June 14:
- The start of the Euro 2024 tournament could trigger a volatile move in Chiliz (CHZ) price
Hot or not?
In addition to these events, investors need to monitor the following altcoin sectors, as they could see an uptick due to ripple effects.
- In the gaming sector, Gala (GALA) could see an increasing interest due to Euro 2024.
- Meme coins like Shiba Inu (SHIB), Dogecoin (DOGE), and new-generation altcoins like GME could see ripple effects if there is a significant development surrounding Roaring Kitty, aka Keith Gill. Gill gained massive popularity in 2021 due to the Reddit Rally that propelled the GME Stock price by 1,600%, and his recent comeback caused GME to surge.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Polygon joins forces with WSPN to expand stablecoin adoption
WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.
Coinbase envisages listing of more meme coins amid regulatory optimism
Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B
As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: Rally expected to continue as BTC nears $100K
Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.