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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.

Aviso Legal: inclui opiniões de terceiros. Não se trata de aconselhamento financeiro. Poderá incluir conteúdos patrocinados. Consulta os Termos e Condições.
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#ETFvsBTC #Write2earn Record Bitcoin ETF Inflows Led by Fidelity Boost Market Sentiment #BitcoinETF #bitcoin☀️ #ETF $BTC U.S.-listed spot Bitcoin (BTC) exchange-traded funds (ETFs) experienced a surge in inflows on Tuesday, with over $880 million pouring in, according to provisional data released on Wednesday. This marks the highest single-day inflow since March and the second-largest since the launch of 11 Bitcoin ETFs in January. Fidelity's FBTC led the pack, attracting $378 million in inflows, the most among its peers. BlackRock’s IBIT followed with $270 million, while Grayscale’s GBTC, typically known for its outflows, saw an influx of $28 million. The influx of investments helped Bitcoin prices rise above $71,000 during Asian trading hours, reflecting a 3% increase as the data became public. This renewed activity comes amid a generally bullish sentiment, following a lackluster period from mid-April to early May when some days recorded zero net inflows or even outflows from major ETFs like BlackRock’s IBIT. Bloomberg analyst Eric Balchunas noted on X that Bitcoin ETFs have accumulated $3.3 billion over the past four weeks, bringing their net year-to-date total to over $15 billion. The uptick in inflow activity also coincides with the recent approval of ether (ETH) spot ETFs for listing in the U.S. and a favorable outlook for cryptocurrencies amid the ongoing U.S. presidential campaign.
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#Write2earn BLOCKSTREAM CEO ADAM BACK PREDICTS UNSTOPPABLE BITCOIN PRICE RALLY #BitcoinAnalyst #BTC $BTC #BitcoinTo100K Blockstream CEO Adam Back recently shared a bullish outlook for Bitcoin on X (formerly Twitter), predicting an inevitable parabolic uptrend. His analysis comes amid significant market volatility post-Bitcoin halving. Current BTC Status Bitcoin is trading at $68,941, down 0.42% in the past 24 hours. Let's delve into why Back foresees a substantial price rally. Key Reasons for the Predicted BTC Surge Exhausted Market Bears: Back believes market bears will soon be "exhausted" and run out of coins to sell, giving bulls the upper hand and driving prices up. Strong Fundamentals: Bitcoin’s growing adoption, real-world applications, and technological advancements support a bullish outlook. The approval of spot BTC ETFs in various countries and the upcoming BTC halving event highlight this trend. Post-Halving Supply Shock: A CryptoQuant report shows a decline in BTC miner holdings due to reduced rewards, suggesting a supply shock that could drive prices higher amid rising demand. Investor Interest: Back suggests that Bitcoin's bullish long-term prospects will attract more investors, increasing capital inflow and buying pressure. Conclusion Adam Back's analysis indicates that a confluence of exhausted market bears, strong fundamentals, a post-halving supply shock, and increased investor interest could drive Bitcoin's price to new heights.
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#Write2earn Bitcoin On-Chain Data Reveals Strong Long-Term Conviction: Market Update #bitcoin☀️ #BTC #ALTCOINS $ADA $BTC $SOL Bitcoin (BTC) has remained a topic of intense interest in the cryptocurrency market, with its recent price movements and on-chain data providing insights into the state of the ecosystem. According to recent reports, over 50% of the Bitcoin supply has remained inactive, indicating a strong long-term conviction among investors . This trend is particularly noteworthy as it comes amid the recent market volatility, with Bitcoin sliding to $69,200 early Tuesday, amid broader profit-taking after briefly crossing the $70,000 level late Monday. The price action across major cryptocurrencies has been mixed, with some meme stocks and tokens experiencing significant gains, while others, such as Ether and Dogecoin, showing slight losses . Cardano's ADA and Solana's SOL, on the other hand, rose as much as 3%, reflecting the diverse nature of the cryptocurrency market. The recent on-chain analysis by CryptoQuant revealed that 50% of the long-term Bitcoin supply was "inactive," meaning that these coins have not moved or seen any changes in their holdings across tracked wallets. This is considered a strong indicator of long-term conviction, which may suggest the potential for further price gains in the future. The bullish sentiment around Bitcoin's continued growth remains "stubbornly" present, according to Singapore-based QCP Capital, which noted an increase in trading activity.
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