BTC has remained almost unchanged for almost three months during the last halving event.
We usually observe such low volumes and sideways movements after each halving and during the summer.
Yesterday I mentioned that Cb started to provide support and usually Cb leads the trend for us and this time they did not mislead us either. Looking at it now, I can say that both BAU and Cb have strong spot buying.
When we add the recent purchases of whales (who have been selling for a while) to the mix, I think this uptrend could be healthy.
#BTC Overall, the spot side is developing as expected and the current outlook remains positive unless something unexpected happens.
From a technical perspective, on the 4-hour chart, we are in a downtrend with a high near 73K that has been broken and retested.
Meanwhile, a new uptrend has started around 56-60. It is too early to call it a trend now as it has only been so recently, but it is at least an indicator that we can follow.
In case of a potential pullback, the trend support is around 61,900-62,000 average. There are no obvious problems on the technical side either.
Due to the negative correlation between the two, USDT's January uptrend was broken, and then it retested the uptrend and fell. In this regard, Binance Coin is expected to see a retracement of up to 4.77%, during which Bitcoin may rise due to their negative correlation. A breakout of 4.77% may open the door to favorable opportunities.
According to data, the total net outflow of Bitcoin ETFs on May 9 was US$11.29 million. Grayscale ETF (GBTC) had a net outflow of US$43.35 million in a single day, and BlackRock ETF (IBIT) had a net inflow of US$14.19 million in a single day.
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