🚀DailyCoin Bitcoin Regular: BTC Price Sees 11% Drop, Shift or Hiccup?

📈 Bitcoin's Surge: Over the past two weeks, Bitcoin has climbed 11% despite recent volatility and a dip in futures open interest. Analysts remain optimistic, especially with the SEC's approval of Ethereum ETFs potentially impacting the broader market.

📰 News and Events:

Ethereum ETFs Approved: The SEC approved eight applications for spot Ethereum ETFs, allowing traditional investors to gain exposure to Ethereum without directly holding crypto. Trading is expected to begin in a few weeks.

BlackRock’s Bitcoin ETF: BlackRock's Bitcoin ETF saw a surge in inflows, capturing most of the $300 million increase for US spot Bitcoin ETFs on May 21, marking the highest daily inflow since April.

Crypto Investment Inflows: Cryptocurrency investment products pulled in $932 million over the past week, a positive trend attributed to a US CPI report indicating moderating inflation. Altcoins like Solana and Cardano saw inflows, while Ether remains under pressure due to an ongoing SEC review of spot Ether ETFs.

📊 Current Outlook:

Price Drop: Bitcoin bulls faced a reality check with a 2.5% price drop on May 23, surprising many after an early week surge to $72,000. Leveraged long positions were hit hard, with over $159 million liquidated.

Support Level: The crucial $67,000 support level is now in focus. If it holds, bulls might see a potential trading range between $67,000 and the previous all-time high. However, significant liquidation indicates nervousness among investors.

🔮 Experts Forecast: Analysts offer varied predictions for Bitcoin, with some expecting significant impacts from Ethereum ETFs and others suggesting a continuation of past trends. The market's direction remains uncertain, with key support levels and investor sentiment being closely watched.