On the one hand, the German government's billion-dollar Bitcoin sales, on the other hand, million-dollar ETF outflows. All factors in Bitcoin's decline stem from these 2 events. Although whales continue to buy $BTC , the selling causes BTC to lose its 65K support. While all this was happening, he experienced a remarkable change on June 20. Spot Bitcoin ETFs witnessed a significant outflow of $140 million for the fifth consecutive day of losses. Grayscale's GBTC was hit the hardest, losing $53.1 million in a single day.
HIGHLIGHTS
Spot Bitcoin ETFs lost $140 million on June 20, marking the fifth consecutive day of outflows.
While Grayscale's GBTC faced significant outflows, BlackRock's IBIT ETF posted gains, showing mixed market trends.
Bitcoin's price is $64,134, with potential for near-term downtrends and long-term uptrends.
Analysis of Spot Bitcoin ETF Outflows
Spot Bitcoin ETFs continued to see outflows, with a net outflow of $139.88 million on June 20. This trend started at the beginning of the week, and on June 18, $152.4 million was allocated from these funds. Markets were closed on June 19 for a holiday.
On Thursday, Grayscale Bitcoin Trust (GBTC) saw a significant outflow of $53.1 million, while Fidelity Wise Origin Bitcoin Fund (FBTC) experienced an outflow of $51.1 million.
The market now sees the US private sector PMI data due on June 21 as a potential turning point. If these numbers indicate that the Fed may cut interest rates in September, this could stop the streak. However, if the US S&P Global Services PMI exceeds the expected decline from 54.8 in June to 53.7, this may lead to outflows on the sixth day.
This may lead to a continuation of the decline for Bitcoin.
Bitcoin Technical Analysis
Bitcoin's market value is at $1.2 trillion. The price is below the 50-day average but above the 200-day average, indicating weakness in the short term and strength in the long term. Open interest in Bitcoin contracts decreased slightly to $19 billion.
If Bitcoin breaks above the 50-day average, it could move towards $69,000 and possibly the record high of $73,808. However, a decline below $64,000 could cause the price to drop to $60,365. The RSI of 39.47 indicates that there is more room for decline before reaching oversold levels. Investors should closely monitor US Services data and Bitcoin ETF flows.
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