Bitcoin ETF Sees $471 Million Daily Inflows as Whales Accumulate
- ETF Inflows Rebound: Bitcoin ETFs recorded $471 million in net inflows on Friday, marking the highest level since November last year, which not only boosts market confidence but also lays the groundwork for a potential price rebound.
- Whale Accumulation Trend: Addresses holding over 1,000 BTC have significantly increased their Bitcoin balances in recent days, indicating that whales are actively accumulating during price dips, suggesting the market may be nearing a bottom and poised for recovery.
- Summer Market Correction: Despite a poor performance in the second half of last year, analysts remain optimistic about dip-buying opportunities, with whale accumulation aligning with the rebound in ETF inflows, potentially signaling a shift in demand dynamics.
- Sharpe Ratio Focus: Bitcoin's Sharpe ratio has recently dipped into negative territory, which typically indicates poor risk-return; however, it may also signal attractive buying opportunities, as historical data shows demand often rebounds when the ratio is negative.
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Technical Analysis for BTC
Technical Sentiment Analysis for Bitcoin (BTC) As of , Bitcoin (BTC) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 1 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Bitcoin (BTC) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 36425.103 | 48212.552 | 61160.853 | 72948.302 | 85896.603 | 97684.052 | 110632.353 |
| Fibonacci | 48212.552 | 57661.608 | 63499.245 | 72948.302 | 82397.358 | 88234.995 | 97684.052 |
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