Bitcoin

when

The post <a href="https://coinpedia.org/news/bitcoin-price-prediction-etf-sell-off-weighs-on-bitcoin-bulls-70k-target-appears-unlikely/">Bitcoin Price Prediction: ETF Sell-Off Weighs on Bitcoin Bulls; $70K Target Appears Unlikely</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
Currently, Bitcoin is trying to escape a critical short-term warning signal. This situation is largely attributed to recent activities within <a href="https://markets.coinpedia.org/bitcoin-etf/" target="_blank" rel="noreferrer noopener">Bitcoin Exchange-Traded Funds</a> (ETFs). On Tuesday, there was a significant net outflow of approximately $78 million from spot Bitcoin ETFs.&nbsp; 
<a href="https://www.youtube.com/@CryptoWorldJosh/videos" target="_blank" rel="noreferrer noopener nofollow">According to analyst Josh of Crypto World</a>, this outflow trend is causing ETF providers to liquidate their Bitcoin holdings, thereby exerting downward pressure on the price. Essentially, when investors pull out funds from these ETFs, the ETF managers must sell Bitcoin to redeem the US dollars requested by investors. This mechanism helps prevent ETF shares from trading at a discount to their net asset value. 
Prior to this, Monday had witnessed a substantial net inflow of nearly half a billion USD into Bitcoin ETFs, highlighting a stark contrast in market sentiment between the two days. This recent selling pressure is a primary factor behind the bearish price action observed in Bitcoin’s market. 
<h2 class="wp-block-heading" id="h-technical-analysis">Technical Analysis</h2> 
Discussing Bitcoin’s technical analysis, he said that the 4-day chart still signals a bullish trend. The Super Trend Indicator remains green, suggesting that Bitcoin is in a bullish phase unless a 4-day candle closes below $55,800—a threshold that has not yet been breached. 
On the daily chart, Bitcoin is encountering resistance in the $67,000 to $68,300 range, where significant trading volume has historically occurred. A breakout above this resistance could propel Bitcoin towards the next major resistance zone of $72,000 to $74,000. Despite this, some short-term bearish divergence is evident, hinting at a possible brief pullback or sideways price action before any movement. 
The Bitcoin liquidation heat map shows a concentration of liquidity between $65,300 and $65,400. This range could serve as a short-term target for Bitcoin’s price, given its tendency to move towards areas with high liquidity. 
Also Check Out: <a href="https://coinpedia.org/news/bitcoinos-achieves-breakthrough-with-zkp-on-bitcoin-250-million-liquidated/" target="_blank" rel="noreferrer noopener">BitcoinOS Achieves Breakthrough with ZKP on Bitcoin: $250 Million Liquidated</a>

Bitcoin Price Prediction: ETF Sell-Off Weighs on Bitcoin Bulls; $70K Target Appears Unlikely

目錄

CoinPedia News

在 2024年7月25日發表的其他文章

BTC Inc. Announces Xapo Bank as Title Sponsor of The Bitcoin Conference

ETH ETFs Hit $1 Billion in Volume

Crypto bank Sygnum reports profitable H1 2024 as crypto trading volume doubles

SingularityNET Invests $53 Million in World’s First Modular Supercomputer for Decentralized AGI D...

Galaxy Asset Management raises $113M for new crypto venture

Binance's First Airdrop Portal Project: What is Banana Gun?

訂閱免費電子報，每天收取加密貨幣最新動態！