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#Write2earn #Bitcoin Market Analysis : Bearish Trend Although Ethereum ETF Approval #ETF #BTC #MarketAnalysis $BTC The Securities and Exchange Commission (SEC) greenlit all Spot Ethereum ETFs on Thursday, but the aftermath saw Bitcoin and the overall crypto market facing another downturn. Bitcoin is currently down nearly 2% on Friday. Ethereum ETF Approval Fails to Ignite BTC Price Despite the significant milestone of SEC's unexpected approval of Spot Ethereum ETFs, it failed to spark the anticipated surge in the crypto market. Instead, the following day witnessed Bitcoin struggling to maintain its position above $67,000, with Ethereum experiencing over a 3% decline, and several altcoins faring even worse. A 'Sell The News' Scenario The Ethereum community had likely anticipated a 'sell the news' scenario, considering Ethereum had already surged by over 28% in the last four days. BTC Breaks Out of Mini Bull Flag On the short-term hourly chart, Bitcoin has broken downwards out of a small bull flag, signaling a bearish trend. While there is support below, the price needs to hold steady to avoid dropping to the next support level at $64,000. False Breakout on Large BTC Bull Flag On the higher daily timeframe, a larger bull flag is evident. However, the price has reentered the flag, indicating a false breakout. Nonetheless, there is solid support at this level. If the price continues to decline, it could potentially fall back to $55,000. BTC Shows Positive Signs for the Future Despite these fluctuations, the 4-hour, 8-hour, and 12-hour stochastic RSIs are bottoming out, suggesting that upward momentum may soon resume for Bitcoin. In summary, the bull flag remains relevant, with substantial support levels beneath the current price, including highs from the previous 2021 bull market. Additionally, the weekly stochastic RSI indicates a cross up from the bottom, indicating a potential return of momentum. A shift is underway in the US political landscape concerning crypto, and with elections scheduled for November.

#Write2earn #Bitcoin Market Analysis : Bearish Trend Although Ethereum ETF Approval

#ETF #BTC #MarketAnalysis $BTC

The Securities and Exchange Commission (SEC) greenlit all Spot Ethereum ETFs on Thursday, but the aftermath saw Bitcoin and the overall crypto market facing another downturn. Bitcoin is currently down nearly 2% on Friday.

Ethereum ETF Approval Fails to Ignite BTC Price

Despite the significant milestone of SEC's unexpected approval of Spot Ethereum ETFs, it failed to spark the anticipated surge in the crypto market. Instead, the following day witnessed Bitcoin struggling to maintain its position above $67,000, with Ethereum experiencing over a 3% decline, and several altcoins faring even worse.

A 'Sell The News' Scenario

The Ethereum community had likely anticipated a 'sell the news' scenario, considering Ethereum had already surged by over 28% in the last four days.

BTC Breaks Out of Mini Bull Flag

On the short-term hourly chart, Bitcoin has broken downwards out of a small bull flag, signaling a bearish trend. While there is support below, the price needs to hold steady to avoid dropping to the next support level at $64,000.

False Breakout on Large BTC Bull Flag

On the higher daily timeframe, a larger bull flag is evident. However, the price has reentered the flag, indicating a false breakout. Nonetheless, there is solid support at this level. If the price continues to decline, it could potentially fall back to $55,000.

BTC Shows Positive Signs for the Future

Despite these fluctuations, the 4-hour, 8-hour, and 12-hour stochastic RSIs are bottoming out, suggesting that upward momentum may soon resume for Bitcoin.

In summary, the bull flag remains relevant, with substantial support levels beneath the current price, including highs from the previous 2021 bull market. Additionally, the weekly stochastic RSI indicates a cross up from the bottom, indicating a potential return of momentum.

A shift is underway in the US political landscape concerning crypto, and with elections scheduled for November.

Disclaimer: Includes thrid-party opinions. No financial advice. May include sponsored content. See T&Cs.
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#Write2earn Bitcoin and Ethereum Fall Amid ETF Outflows and Market Uncertainty #Bitcoin #Btc #BitcoinAnalysis #MarketDrop $BTC Bitcoin dropped over 2% to $67,900, continuing its fall from recent highs near $72,000. Ethereum also dipped, briefly falling below $3,550. Market Movements This decline followed $64.9 million in outflows from U.S.-listed spot Bitcoin ETFs, the first since May 23, as per Farside Investors. Recent inflows suggest institutional interest in non-directional trades rather than outright bullish bets. Traditional Markets and Economic Indicators Chinese stocks fell over 1%, impacting Asian markets due to ongoing property market woes and speculation that the Bank of Japan might reduce bond purchases. The dollar index remained steady, while U.S. Treasuries saw higher prices and lower yields, with the 10-year note yield falling to 4.45%. Political Developments and Market Sentiment European political shifts, including gains for right-wing parties and a snap poll in France, have heightened concerns about EU stability. Investors await key economic data, particularly the upcoming U.S. CPI release and the Federal Reserve's rate decision on Wednesday, along with the latest interest rate projections from the FOMC.
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