2024

Bitcoin

<p>The post <a href="https://coinpedia.org/news/bitcoin-alert-short-term-correction-ahead-top-analyst-signals-key-support-at-68500/">Bitcoin Alert: Short-Term Correction Ahead! Top Analyst Signals Key Support at $68,500</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Bitcoin traders are on high alert as prominent chart analyst Ali Martinez has warned of a potential short-term correction leading to a price drop in price. This caution comes amidst Bitcoin’s slight decline of 0.5% in the past 24 hours, settling at <a href="https://markets.coinpedia.org/bitcoin/" target="_blank" rel="noreferrer noopener">$70,834.5.</a></p> 
<p>However, despite Martinez’s warning, daily inflows into Bitcoin ETFs continue their impressive streak, now at 17 consecutive days.</p> 
<h2 class="wp-block-heading" id="h-bitcoin-price-correction-ahead">Bitcoin Price Correction Ahead</h2> 
<p>Ali Martinez has highlighted a potential short-term correction for Bitcoin (BTC) as the TD Sequential indicator signals a sell signal on the four-hour chart. This indicator suggests that BTC could experience a one- to four-candlestick correction before resuming its upward trend.</p> 
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   <p lang="en" dir="ltr">The TD Sequential presents a sell signal on the <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> four-hour chart! It suggests <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> could enter a one- to four-candlestick correction before continuing the uptrend. <a href="https://t.co/oDeVfF31pi">pic.twitter.com/oDeVfF31pi</a></p>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1798453122303775167?ref_src=twsrc%5Etfw">June 5, 2024</a>
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<p>Meanwhile, this news comes amidst a surge in Bitcoin’s market capitalization, which has now reached $1.4 trillion, and a notable increase in trading volume.</p> 
<p>Despite this warning, the U.S. spot Bitcoin exchange-traded funds (ETFs) have witnessed substantial inflows. On June 5, these ETFs recorded their third-highest daily inflow ever, with a total net intake exceeding $488 million. This marked the 17th consecutive day of net inflows, showcasing continued investor interest in Bitcoin.</p> 
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   <p lang="en" dir="ltr">On June 5, Bitcoin spot ETFs had a total net inflow of $488 million, continuing the 17th day of net inflow. Grayscale ETF GBTC had a single-day inflow of $14.5802 million, Fidelity ETF FBTC had a single-day inflow of $221 million, and BlackRock ETF IBIT had a single-day inflow of… <a href="https://t.co/6CHwUPj0Hv">pic.twitter.com/6CHwUPj0Hv</a></p>— Wu Blockchain (@WuBlockchain) <a href="https://twitter.com/WuBlockchain/status/1798566041733525949?ref_src=twsrc%5Etfw">June 6, 2024</a>
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<p>Leading the surge in ETF inflows is Fidelity’s Wise Origin Bitcoin Fund, which attracted $221 million. BlackRock’s iShares Bitcoin Trust followed with $155 million in inflows. Additionally, Grayscale’s ETF GBTC reported a single-day inflow of $14.5802 million.</p> 
<h2 class="wp-block-heading" id="h-crucial-support-at-68500">Crucial Support at $68500</h2> 
<p>According to <a href="https://x.com/ali_charts/status/1798421317596946749" target="_blank" rel="noreferrer noopener nofollow">Martinez’s analysis</a>, the critical support level for Bitcoin currently rests at $68,500. If Bitcoin maintains this level, it could pave the way for further upward movement.&nbsp;</p> 
<p>However, Martinez notes that Bitcoin recently broke out of a symmetrical triangle at $69,000, signaling a bullish trend. The pivot point for Bitcoin is identified at $68,500, with immediate resistance anticipated at $71,200.&nbsp;</p> 
<p>Despite these positive indicators, the Relative Strength Index (RSI) stands at 66.95, suggesting overbought conditions and hinting at a potential price correction ahead leading to a short-term fall.</p> 
<h2 class="wp-block-heading" id="h-bitcoin-dominance-continues-nbsp">Bitcoin Dominance Continues&nbsp;</h2> 
<p>On the flipside, Bitcoin’s dominance in the market <a href="https://in.tradingview.com/symbols/BTC.D/" target="_blank" rel="noreferrer noopener nofollow">remains strong at 54.53%</a>, indicating continued faith from institutional and retail investors. This strength is especially noticeable because of the recent <a href="https://coinpedia.org/news/big-win-for-ethereum-as-the-sec-approved-spot-ethereum-etfs/" target="_blank" rel="noreferrer noopener">approval of a spot Ethereum ETF</a>, showing that Bitcoin is still very popular in the crypto market.</p> 
<p>Along with the recent surge in inflows follows the recent approval and listing of Bitcoin-regulated funds in Australia, the U.K., and Thailand.&nbsp;</p> 
<p>Also Check Out : <a href="https://coinpedia.org/news/xrp-etf-would-make-a-lot-of-sense-says-ripple-president-monica-at-consensus-2024/">XRP ETF Would Make A Lot of Sense: Says Ripple President Monica At Consensus 2024</a></p>

Bitcoin Alert: Short-Term Correction Ahead! Top Analyst Signals Key Support at $68,500

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