Convergence

FOMC

Bitcoin

Note

Divergence

Digital investment products saw a spike in the outflow volume last week, according to a weekly report by <a rel="nofollow" href="https://blog.coinshares.com/volume-187-digital-asset-fund-flows-weekly-report-03a835f3e795">CoinShares</a>. The outflows coincided with several macro events including the release of the US CPI data, the FOMC meeting, and the PPI data. Initially, Bitcoin price reacted with an impressive bullish move to $70,000. However, sellers soon poured cold water on the uptrend, culminating in a correction to $65,000. 
<h2 class="p1" id="bitcoin-price-technical-structure-as-fund-outflows-soar">Bitcoin Price Technical Structure As Fund Outflows Soar</h2> 
The weekly report on the status of digital asset investment products indicates growing dissatisfaction among investors both retail and institutional. With outflows totalling $600 million, pressure on the market could continue this week. 
In the statement accompanying the report, CoinShares said that the negative sentiment may have followed “a more hawkish-than-expected FOMC meeting, prompting investors to scale back their exposure to fixed-supply assets.” 
Bitcoin faced the harshest brunt of the outflows at $621 million. Traders reacting to the nearish landscape pumped in $1.8 million in inflows, shorting Bitcoin. 
Intriguingly, a wide selection of altcoins recorded inflows, <a href="https://coingape.com/ethereum-etf-approval-process-labeled-political-by-nate-geraci-heres-all/">Ethereum</a> leading the charge with $13 million. Litecoin, Binance Coin, XRP, Cardano, Chainlink, and others saw minor inflows. 
<figure id="attachment_202753" aria-describedby="caption-attachment-202753" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-202753" src="https://coingape.com/wp-content/uploads/2024/06/Screenshot-2024-06-17-at-12.46.30.png" alt="Digital asset flows by asset | CoinShares" width="1362" height="1012" srcset="https://coingape.com/wp-content/uploads/2024/06/Screenshot-2024-06-17-at-12.46.30.png 1362w, https://coingape.com/wp-content/uploads/2024/06/Screenshot-2024-06-17-at-12.46.30-300x223.png 300w, https://coingape.com/wp-content/uploads/2024/06/Screenshot-2024-06-17-at-12.46.30-1224x909.png 1224w, https://coingape.com/wp-content/uploads/2024/06/Screenshot-2024-06-17-at-12.46.30-768x571.png 768w, https://coingape.com/wp-content/uploads/2024/06/Screenshot-2024-06-17-at-12.46.30-80x60.png 80w, https://coingape.com/wp-content/uploads/2024/06/Screenshot-2024-06-17-at-12.46.30-150x111.png 150w" sizes="(max-width: 1362px) 100vw, 1362px">
 <figcaption id="caption-attachment-202753" class="wp-caption-text">
 Digital asset flows by asset | CoinShares
 </figcaption>
</figure> 
Although the cumulative total net inflow into Bitcoin ETFs has consistently grown in the last several weeks to $15.11 billion, the previous week was not bullish with the sector closing at -$190 million daily total net inflow, according to <a rel="nofollow" href="https://sosovalue.xyz/assets/etf/us-btc-spot">SoSoValue</a> data. 
<a href="https://coingape.com/bitcoin-price-expert-foresees-continued-bull-market-despite-4b-btc-selloff/">Bitcoin price</a> hovered at $65,976 at the time of writing, down 0.5% in 24 hours. The largest digital asset has corrected by another 5% in a week, bringing the total decline in the last 30 days to 1.7%. 
<h2 class="p1" id="bitcoin-price-analysis-navigating-the-bearish-landscape">Bitcoin Price Analysis: Navigating the Bearish Landscape</h2> 
Bitcoin bulls are navigating a very risky crossroads which may lead to a rebound to $70,000 or extend the pullback to $60,000. This is the level marked in green on the chart around $65,000. Annihilating the support would leave BTC defenseless against a strengthening bearish front. 
Such a move would also confirm the bearish outlook from the Moving Average Convergence Divergence (MACD) indicator. For this reason, <a href="https://coingape.com/bitcoin-btc-whales-with-10-holding-btc-touch-two-year-high-btc-price-rally-ahead/">Bitcoin</a> will remain choppy until a trend is confirmed either toward $70,000 or $60,000. 
The sell signal will be reinforced by the MACD line in blue, crossing below the signal line in red. Note that the MACD’s position below the neutral area already disadvantages the bulls. 
<figure id="attachment_202752" aria-describedby="caption-attachment-202752" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-202752" src="https://coingape.com/wp-content/uploads/2024/06/BTCUSD_2024-06-17_13-11-00.png" alt="Bitcoin price chart | Tradingview" width="2694" height="1444" srcset="https://coingape.com/wp-content/uploads/2024/06/BTCUSD_2024-06-17_13-11-00.png 2694w, https://coingape.com/wp-content/uploads/2024/06/BTCUSD_2024-06-17_13-11-00-300x161.png 300w, https://coingape.com/wp-content/uploads/2024/06/BTCUSD_2024-06-17_13-11-00-1224x656.png 1224w, https://coingape.com/wp-content/uploads/2024/06/BTCUSD_2024-06-17_13-11-00-768x412.png 768w, https://coingape.com/wp-content/uploads/2024/06/BTCUSD_2024-06-17_13-11-00-1536x823.png 1536w, https://coingape.com/wp-content/uploads/2024/06/BTCUSD_2024-06-17_13-11-00-2048x1098.png 2048w, https://coingape.com/wp-content/uploads/2024/06/BTCUSD_2024-06-17_13-11-00-150x80.png 150w" sizes="(max-width: 2694px) 100vw, 2694px">
 <figcaption id="caption-attachment-202752" class="wp-caption-text">
 Bitcoin price chart | Tradingview
 </figcaption>
</figure> 
Bitcoin also holds below all three moving averages (EMAs), starting with the 20-day, the 50-day, and the 200-day. This outlook predisposes BTC to intense selling pressure. 
A rebound from the green-marked support would signal a return of the bulls and increase the chances of Bitcoin reaching $70,000. However, due to the delicate nature of the same support level, a further correction to $60,000 cannot be ruled out yet. 
The post <a href="https://coingape.com/markets/bitcoin-price-whats-next-for-btc-as-crypto-fund-outflows-hit-600m/">Bitcoin Price: What’s Next For BTC As Crypto Fund Outflows Hit $600M</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Bitcoin Price: What’s Next For BTC As Crypto Fund Outflows Hit $600M

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