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Bitcoin Inflows Boost Price to $61K: Will BTC Drop Again?
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Bitcoin's Recent Price Movement and Outlook
Current Status:
Recent Influx: Bitcoin saw a $31 million influx, preventing its price from dropping below $58,000 and rebounding to $61,000.Current Price: Stabilized around $61,095.35.
Price Movement:
June 25: Price fell to $58,890, then recovered to $61,095.35.Early June Peak: Bitcoin peaked at $71,103 at the start of June but declined due to significant liquidations on DeFi platforms.
Inflows and Impact:
June 24: Bitcoin began a downtrend but rebounded to $62,322 due to increased inflows in US spot Bitcoin ETFs.ETF Inflows: A $31 million inflow ended a seven-day outflow streak, with notable contributions from:Fidelity’s FBTC: $19 millionGrayscale’s GBTC: $4 millionBlackrock’s IBIT: $1.1 million
Upcoming Events:
BTC Options Expiry: $6.68 billion BTC options and $3.5 billion ETH options set to expire, potentially influencing positive trends.
Technical Analysis:
MACD (12,26): At -1697, indicating a selling trend.RSI: Improved from overselling to a neutral position at 34 points.Moving Averages:5 to 100 Frames: Support the selling trend.200-Week Range: Shows key resistance at $65,312.
Key Levels to Watch:
Resistance: $65,312 – surpassing this could lead to an uptrend and new all-time high.Support: If the price drops below $60,783, it risks falling below $60K.
Analysts' Predictions:
Consistent inflows and favorable chart patterns suggest a drop below $60K is unlikely.Crypto analyst Titan of Crypto predicts an imminent BTC bounce and potential breakout, making the next few hours crucial for market direction.

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BTC HOLDS STEADY AT $64K AMID PULLBACK
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Bitcoin's price is holding steady, currently supported between $64,000 and $63,000. If this level fails, strong support is found at $61,000. After this pullback, Bitcoin may resume its upward rally.

Bitcoin Taking a Breather
Bitcoin is experiencing a minor pullback after a recent surge. The price rallied 24%, jumping nearly $13,000 from a low of $53,400. This breather allows indicators to reset before potentially continuing its rally.

Tail Winds in Evidence
Tailwinds are still strong. Spot Bitcoin ETFs maintain their buying spree, and unconfirmed rumors suggest that Donald Trump may announce a US Bitcoin strategic reserve at the 2024 Nashville Bitcoin Conference.

Where Will $BTC Bounce?
In the daily timeframe, Bitcoin's first support level just under $64,000 is holding. A healthier correction might see it dip to the next big support at $61,000, aligning with the 0.382 Fibonacci level. A bounce from here would be very bullish. Alternatively, the bounce could occur at the 0.236 Fibonacci level, around $63,133, a level Bitcoin has nearly touched.

5 Months of Price Structure
Zooming out to the monthly timeframe, Bitcoin has stayed above the crucial $61,000 support for five consecutive months. This level marks the highest monthly candle tops of the 2021 bull market, creating a strong price structure. The July monthly candle shows significant buying interest, with a close at or above the bull flag top trend line potentially signaling the next major surge towards $100,000.