Bitcoin ETF

Bitcoin

Resistance

The post <a href="https://coinpedia.org/news/bitcoin-inflows-paint-rosy-picture-amid-price-targets-of-56000-and-58000/">Bitcoin Inflows Paint Rosy Picture Amid Price Targets Of $56,000 and $58,000</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
Is Bitcoin bottoming out after the latest dump, or is the price going to continue its short-term bearish trend as this signal indicates?<a href="https://www.youtube.com/watch?v=5AMS3HABTKk" target="_blank" rel="noreferrer noopener nofollow"> Analyst Josh of Crypto World</a>&nbsp; examined various BTC charts and said that there hasn’t been much change in the last day.&nbsp; 
Examining the daily <a href="https://markets.coinpedia.org/bitcoin/" target="_blank" rel="noreferrer noopener">Bitcoin</a> chart, he said that the price is continuing a short-term bounce from the support area between $60,000 and $61,000, recently seen at the local low. If there is a confirmed break below $60,000, the next significant support area is between $56,500 and $58,000.&nbsp; 
The daily Bitcoin RSI entered oversold territory for the first time in many months, which historically indicates that the price is either very close to or has already hit a local low. This suggests a potential bounce or sideways consolidation in the short term. 
<h2 class="wp-block-heading" id="h-resistance-levels-and-bearish-trend-relief">Resistance Levels and Bearish Trend Relief</h2> 
Relief from the bearish trend could involve reduced bearish price action or momentum, resulting in choppy sideways price action or a bullish bounce to the upside into areas of resistance around $63,000 to $64,000, and possibly $67,000 to $68,000, with a massive resistance between $72,000 and $74,000. 
He would only become more bullish in the short term if there were breakouts above significant resistance levels like $64,000 and ideally $68,000, along with a bearish trend reversal in the DXY. Without these bullish reversal signals, the market remains in a short-term bearish trend. However, a bit of relief from this trend is expected in the expected short term, likely over the next few days to a week. 
<h2 class="wp-block-heading" id="h-positive-news-and-bitcoin-etf-flows">Positive News and Bitcoin ETF Flows</h2> 
The analyst also discussed positive news and said that on Tuesday, there was a shift in <a href="https://markets.coinpedia.org/bitcoin-etf/" target="_blank" rel="noreferrer noopener">Bitcoin ETF</a> flows. After weeks of almost constant net outflows, there was finally a net inflow. Although it was a relatively small net inflow of about $31 million, it’s still better than outflows. If this trend of net inflows continues, it could be bullish for Bitcoin. 
Read Also: <a href="https://coinpedia.org/news/bitcoin-price-forecast-what-to-expect-in-the-coming-months/" target="_blank" rel="noreferrer noopener">Bitcoin Price Forecast: What to Expect in the Coming Months?</a>

Bitcoin Inflows Paint Rosy Picture Amid Price Targets Of $56,000 and $58,000

Table of Contents

CoinPedia News

Other articles published on Jun 27, 2024

Tokenising Tradition – How Blockchain and NFTs Are Revolutionizing Wine Ownership in an Era Where...

MoonBag Crypto’s Presale Predicted To Reach $1, Luring Investors Away From Hedera and Slothana

Crypto: VanEck Files for a Solana ETF!

Binance Coin (BNB) Struggles to Maintain Upward Momentum, Falls from All-Time High

Top Ripple exec unveils stablecoin and ETF plans

MoonBag Crowned with Best Presale in 2024, Raises $2.9M+ Erasing Hedera, AAVE

Join our free newsletter for daily crypto updates!