The crypto market is on edge as Bitcoin spot ETFs in the U.S. experience a sudden shift, with Bitcoin jumping 4% on Monday and critical CPI data looming on Wednesday. The crypto roller coaster continues, but could sentiment be changing? A prominent whale on Bitfinex has been aggressively buying Bitcoin, accumulating around 450 BTC daily. Here’s what you need to know:
- Bitcoin spot ETFs saw $28.72 million in inflows, reversing an eight-day outflow streak.
- The total crypto market chart continues to produce lower highs with a Death Cross already at play on the daily timeframe. The next resistance is at $2.09T.
- Bitcoin hovers at $57K, but a potential Death Cross threatens a bearish plunge.
Spot Bitcoin ETFs See a Rebound
After eight consecutive days of outflows, Bitcoin spot ETFs recorded $28.72 million in net inflows on Monday. Fidelity’s FBTC led the gains, pulling in $28.6 million, while other funds like Bitwise and Ark Invest followed suit. However, Grayscale’s GBTC saw outflows of $22.76 million, and BlackRock’s IBIT wasn’t far behind with $9.06 million in losses. While inflows are promising, overall trading volume dropped to $1.61 billion—down from $2.39 billion just days before.
Fake-Outs Threaten Crypto Market Stability
The Crypto Total Market Cap (TOTAL) chart highlights growing fake-out risks. After sweeping key levels at $1.777T, resistance is mounting around $2.09T. With three fake-outs already on the radar, I remain cautious of sudden price reversals. CCI bullish divergence offers a glimmer of hope on the daily timeframe, but I’m uncertain of a sustained recovery. A 7% move to the next level of interest could be in play, but I’m continuing to bank profits along the way—I don’t want to get caught off guard.
Bitcoin’s $57K Struggle and Death Cross Risk
Bitcoin’s daily chart shows the king of crypto clinging to the $57,000 mark, but bearish signals loom. A potential Death Cross on the daily timeframe could signal further declines, especially if critical support around $54,108 breaks. If that happens, Bitcoin could dip into the $44,000-$45,000 range. I am watching out for breakouts above $58,000, but the potential Daily Death Cross is hovering around $59,500.
Keep up with the action!
This is crypto—anything can happen! It’s vital to stay prepared and informed. Join the Empire Crypto Trading platform now to access the latest crypto charts, free education, airdrop guides, and more. Don’t miss out—sign up today and be part of the Empire!
Written by Matthew Stella. At the time of writing this article, Bitcoin was trading at $57,156.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial advice. The author takes no responsibility for any financial losses incurred as a result of trading or investing based on the information provided. Always conduct your own research and consult with a professional financial advisor before making any investment decisions.
Source:
https%3A%2F%2Fcryptonews.com.au%2Fnews%2Fbitcoin-etf-inflows-bounce-back-but-volatility-looms-123279%2F