Improving Market Sentiments: The release of the US CPI data for June has boosted broader market sentiments, but recovery is slower due to growing supply pressure.
German Government's Sell-Off: The German government is depleting its Bitcoin reserves, delaying the $60K breakout.
Current BTC Price: Bitcoin trades at $56,918 with a declining trend and remains below the 200-day EMA.
Triangle Pattern Formation: Bitcoin is approaching the bottleneck stage of a triangle pattern formed by a short-term trendline and a support trendline.
Death Cross Looming: The downtick in the 50-day EMA is nearing a death cross with the 200-day EMA, signaling potential bearish trends.
Bitcoin ETF Inflows: On July 11, 2024, Bitcoin ETFs experienced a net inflow of $79 million. BlackRock's IBIT ETF led with $72.1 million, while Fidelity's FBTC ETF saw $32.7 million inflow. Grayscale's GBTC ETF had an outflow of $37.7 million.
Potential Market Impact: The sell-off is linked to the authorities' seizure of $2.1 billion (50,000 BTC) from Movie2k operators.
Future Price Movement: With a potential rate cut in September and the easing of German supply pressure, a crypto bull run is anticipated. Bitcoin could reach the $71K level if the secondary trendline breakout occurs.
German Government's Sell-Off: The German government is depleting its Bitcoin reserves, delaying the $60K breakout.
Current BTC Price: Bitcoin trades at $56,918 with a declining trend and remains below the 200-day EMA.
Triangle Pattern Formation: Bitcoin is approaching the bottleneck stage of a triangle pattern formed by a short-term trendline and a support trendline.
Death Cross Looming: The downtick in the 50-day EMA is nearing a death cross with the 200-day EMA, signaling potential bearish trends.
Bitcoin ETF Inflows: On July 11, 2024, Bitcoin ETFs experienced a net inflow of $79 million. BlackRock's IBIT ETF led with $72.1 million, while Fidelity's FBTC ETF saw $32.7 million inflow. Grayscale's GBTC ETF had an outflow of $37.7 million.
Potential Market Impact: The sell-off is linked to the authorities' seizure of $2.1 billion (50,000 BTC) from Movie2k operators.
Future Price Movement: With a potential rate cut in September and the easing of German supply pressure, a crypto bull run is anticipated. Bitcoin could reach the $71K level if the secondary trendline breakout occurs.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.