Bitcoin ETFs recorded a daily net inflow of $31 million, indicating a positive investor sentiment towards the cryptocurrency. However, the trading volume decreased by 30.70% to $25 billion.
In the past month, the price of Bitcoin has been fluctuating between $71,000 and $59,000. While there are indications of a potential uptrend, the price has only increased by 0.18% in the last 24 hours. Breaking the $65,000 level has been a challenge for Bitcoin, but it currently trades at $61,395. The trading volume has also seen a decline of 30.70%.
Analyzing the Bitcoin ETF chart provided by SoSoValue, Fidelity’s FBTC had the highest inflow of $49 million, followed by Bitwise’s BITB with $15 million. VanEeck’s HODL also experienced net inflows of $4 million.
Last week, Bitcoin witnessed significant outflows due to bearish factors such as macroeconomic uncertainty and a sell-off initiated by the German government.
Renowned economist Peter Schiff expressed concerns about Bitcoin’s decline and declared it to be in an official bear market. He predicts further price declines before Mt. Gox creditors receive their crypto payouts next month.
Over the past week, the price of BTC has decreased by 5.72% and has remained within the range of $65,000 and $58,000. The daily RSI indicates that Bitcoin’s momentum is within the oversold range.
In the event of a price recovery, initial resistance can be expected near the $61,654 level, followed by a major resistance at $61,990. Further gains may push the price towards a key resistance level of $62,365.
On the other hand, if Bitcoin experiences a decline, it may continue to drop. The immediate support level is around $60,940, with the second major support likely to be found at $60,214. Further losses could push the price down to the $59,000 support zone.