The demand for Bitcoin via Spot ETF is fluctuating. This stems from the fear of inflation elevation despite the number indicating a soft decline in May 2024. The inflation figure for the US in May stands at 3.3%. Economic projections estimate that the number may go further down but the pace will be slower than expected. Such projections have affected the demand for BTC.
Spot Bitcoin ETF last saw a total net outflow of $226.21 million and a net asset ratio of 4.45%. FBTC by Fidelity saw an outflow of $106.4 million on June 13, 2024 (Thursday) and Grayscale’s GBTC saw a net outflow worth $61.5 million.
A trend like this is putting a dent in the token value. BTC has dropped to $66,972.67 at the time of writing this article. That reflects a dip of 0.805 in the last 24 hours and 5.895 in the last 7 days. Not just the market cap but the 24-hour trading volume has also fallen by 25.64%. What comes as a noteworthy trend is its future near-term predictions. They are still rock solid, speculating a surge to a value that is as high as $87,293.
That could happen in the next 30 days – marking an uptick of 30.07% from the current value. The next 5 days could see the value breach the mark of $76,000.
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Technical indicators demonstrate a prevailing bearish sentiment. The volatility is around 2.33% and the Fear & Greed Index has come to 74 points. Bitcoin has traded positively for 50% of the time in the last 30 days. That is 15 days of profits which is pretty decent in the ongoing times. The market continues to explore diversification to altcoins and there is some attention to Spot Ether ETF as well.
The limelight on Bitcoin, even though less than usual, is persistent. The 14-day RSI is around 45.47. The 50-day SMA and 200-day SMA are $65,842 and $55,617 respectively. Simply put, sentiments in the short term are bearish despite a surge predicted in the next 30 days – bullish when it comes to a longer timeline for the token.
An immediate support level is at $65,000. Falling below that mark will open the doors to a further decline. However, sustaining values in the current zone could help predictions come true.
There are two sides to Bitcoin. Some want to accumulate the token while it is lower than usual. Others want to wait for more drops. It is highly recommended to not fall for any specific suggestion. Instead, do research and risk assessment before allocating funds to Bitcoin, or any other cryptocurrency for that matter.
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Ethereum has neutral sentiments with expectations of maintaining stability for at least the next 30 days. A small upward movement of 2.49% is in the picture from the current value of $3,568.82.
