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Bitcoin Inflows Boost Price to $61K: Will BTC Drop Again?
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Bitcoin's Recent Price Movement and Outlook
Current Status:
Recent Influx: Bitcoin saw a $31 million influx, preventing its price from dropping below $58,000 and rebounding to $61,000.Current Price: Stabilized around $61,095.35.
Price Movement:
June 25: Price fell to $58,890, then recovered to $61,095.35.Early June Peak: Bitcoin peaked at $71,103 at the start of June but declined due to significant liquidations on DeFi platforms.
Inflows and Impact:
June 24: Bitcoin began a downtrend but rebounded to $62,322 due to increased inflows in US spot Bitcoin ETFs.ETF Inflows: A $31 million inflow ended a seven-day outflow streak, with notable contributions from:Fidelity’s FBTC: $19 millionGrayscale’s GBTC: $4 millionBlackrock’s IBIT: $1.1 million
Upcoming Events:
BTC Options Expiry: $6.68 billion BTC options and $3.5 billion ETH options set to expire, potentially influencing positive trends.
Technical Analysis:
MACD (12,26): At -1697, indicating a selling trend.RSI: Improved from overselling to a neutral position at 34 points.Moving Averages:5 to 100 Frames: Support the selling trend.200-Week Range: Shows key resistance at $65,312.
Key Levels to Watch:
Resistance: $65,312 – surpassing this could lead to an uptrend and new all-time high.Support: If the price drops below $60,783, it risks falling below $60K.
Analysts' Predictions:
Consistent inflows and favorable chart patterns suggest a drop below $60K is unlikely.Crypto analyst Titan of Crypto predicts an imminent BTC bounce and potential breakout, making the next few hours crucial for market direction.