Bitcoin Alert: A short-term pullback is coming! Top Analysts Hint at Key Support at $68,500 🔥🔥🔥
Renowned chartist Ari Martinez warned that Bitcoin traders are on high alert and that a pullback could occur in the short term, causing the price to fall. The warning came as Bitcoin edged down 0.5% over the past 24 hours to close at $70,834.5.
However, despite Martinez’s warning, daily inflows into the Bitcoin ETF have continued to grow at an alarming rate, now on a 17-day streak.
Bitcoin price is about to correct
Ali Martinez highlights the possibility of a short-term correction for Bitcoin (BTC) as the TD Sequential indicator issues a sell signal on the four-hour chart. This indicator suggests that BTC may undergo a correction of one to four candlesticks before resuming its uptrend.
The news comes as Bitcoin's market capitalization is soaring, now reaching $1.4 trillion, and trading volumes are also increasing significantly.
Despite such warnings, U.S. spot Bitcoin exchange-traded funds (ETFs) have seen significant inflows. On June 5, these ETFs recorded their third-highest daily inflows ever, with total net inflows exceeding $488 million. This is the 17th consecutive day of net inflows, indicating continued investor interest in Bitcoin.
Leading ETF inflows was Fidelity's Wise Origin Bitcoin Fund, which saw $221 million in inflows. BlackRock’s iShares Bitcoin Trust followed with $155 million in inflows. In addition, Grayscale’s ETF GBTC received a single-day inflow of US$14.5802 million.
Key support is at $68,500
According to Martinez’s analysis, Bitcoin’s key support level currently sits at $68,500. If Bitcoin sustains these levels, it could pave the way for further gains.
However, Martinez noted that Bitcoin recently broke out of a symmetrical triangle above $69,000, signaling a bullish trend. Bitcoin’s pivot point is identified at $68,500, with immediate resistance expected at $71,200.
Despite these positive indicators, the relative strength index (RSI) remains at 66.95, indicating overbought conditions and hinting at the possibility of a price correction in the future, leading to a short-term decline.
Bitcoin continues to dominate
On the other hand, Bitcoin's dominance in the market remains strong at 54.53%, indicating that confidence among institutional and retail investors remains strong. This dominance is particularly noteworthy due to the recent approval of the spot Ethereum ETF, indicating that Bitcoin remains very popular in the cryptocurrency market.
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