Rock

Bitcoin

Reversal

The post <a href="https://coinpedia.org/news/bitcoin-price-climbs-above-59k-institutional-activity-and-etf-inflows-hint-at-trend-reversal/">Bitcoin Price Climbs Above $59k: Institutional Activity And ETF Inflows Hint At Trend Reversal</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
The current Bitcoin market is showing signs of potential movement, as recent price action confirms a bullish divergence. Meanwhile, the German government continues to offload Bitcoin into the market, while notable entities like Black Rock are actively accumulating new Bitcoin holdings. According to <a href="https://www.youtube.com/watch?v=TK5q2n70jP8">analyst Josh of Crypto World,</a> Bitcoin charts have shown minimal changes recently and while current indicators suggest a temporary relief in the short term, a broader trend reversal would require additional confirmation signals.&nbsp; 
Interestingly, he also pointed out that despite the German government’s sell-off, there has been good buying activity from institutional investors like BlackRock, who have been acquiring large amounts of Bitcoin to back their newly launched ETFs.&nbsp; 
Specifically, BlackRock’s Spot Bitcoin ETF saw a significant inflow of approximately $187 million, contributing to a net inflow of nearly $300 million across various ETFs on Monday. This influx of institutional capital has helped offset some of the downward pressure caused by governmental sales. 
Bitcoin Price Targets And Key Levels: 
The price remains relatively neutral, with no major new signals. However, on the daily chart, there’s a slight bounce observed recently, albeit with mostly neutral price action. The daily Bitcoin chart now confirms a new bullish divergence, marked by a lower low and a subsequent green candle close. While bullish divergences often lead to choppy sideways movements or slight bullish relief, they alone aren’t conclusive of a broader bullish trend reversal. 
Key support and resistance levels remain critical. Bitcoin has reclaimed support around $56,000-$57,500, with $56,000 being a particularly crucial support level. Resistance levels include $60,000-$61,000, $63,000-$64,000, $67,000-$68,000, and $72,000-$74,000. Despite a short-term bearish trend, a possible short-term relief or breakout could occur this week. 
A double-bottom pattern is also forming, with a neckline around $58,400. A breakout above this level could signal bullish momentum, potentially targeting around $62,000. However, confirmation is necessary before setting active price targets.

Bitcoin Price Climbs Above $59k: Institutional Activity And ETF Inflows Hint At Trend Reversal

CoinPedia News

2024년 7월 10일에 게재된 다른 기사

PEPE Price Surges 12% Amidst Major Market Maker Dump

Bitcoin Reaches New Highs, Lifts Altcoins

Crucial Bitcoin (BTC) Signal, $3,000 Is Now or Never for Ethereum (ETH), Toncoin (TON) Whales Buy...

Ripple News Today: Big Event on the Horizon Amid XRP Lawsuit Tension

MoonBag Presale Predicted To Reach $1 and Promises Astronomical Gains, While Chainlink & Flare To...

Upbit Announced the Listing of This Ethereum-Based Altcoin, ENS, Its Price Started to Rise!

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!