Bitcoin Price Prediction: BTC Hits $61,000 Amid $31M ETF Inflows and Market Confidence

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Cryptonews2024/06/27 06:13

By:Arslan Butt

Bitcoin (BTC), the world’s oldest and most valuable cryptocurrency, managed to halt its overnight declines and regained some positive traction, reaching an intra-day high of $62,322.

This upward trend is attributed to reports suggesting that US Spot Bitcoin ETFs recorded net inflows, boosting BTC prices due to increased investor demand and market confidence.

Although the net inflows have turned positive, they are still quite small compared to the Bitcoin ETF outflows witnessed over the past week.

US Spot Bitcoin ETF Inflows Boost BTC Price and Market Stability

US Spot Bitcoin ETFs saw a positive shift with $31 million in net inflows after seven days of outflows. This included $48.8 million into Fidelity’s FBTC, while Grayscale’s GBTC experienced outflows. Bitcoin’s price responded by rising above $62,000 amid these ETF inflows. However, the inflows are modest compared to recent outflows, and BlackRock’s IBIT reported no new inflows, indicating muted institutional interest.

Strong trading volumes were observed across major ETFs, with BlackRock’s IBIT exceeding $1 billion. Hong Kong and Australia also showed robust demand for Bitcoin ETFs, reflecting ongoing institutional confidence despite market fluctuations.

Therefore, the positive net inflows into US Spot Bitcoin ETFs, despite being modest compared to recent outflows, pushed Bitcoin’s price above $62,000. Meanwhile, strong trading volumes and institutional confidence from Hong Kong and Australia further supported market stability amid fluctuations.

Key Points:

$31 million net inflows into US Spot Bitcoin ETFs
Bitcoin price rose above $62,000
Robust trading volumes in BlackRock’s IBIT
Institutional confidence in Hong Kong and Australia

Grayscale Bitcoin ETF Outflows Exert Downward Pressure on BTC Prices

Grayscale Bitcoin Trust (GBTC) saw substantial outflows, totaling $30 million in the past 24 hours, reflecting ongoing market uncertainty. This continued trend involves GBTC selling 490 Bitcoin, worth about $30 million, bringing total exits to 340,000 BTC since the launch of US spot ETFs.

Despite these outflows, digital asset prices showed positive trading today, slightly stabilizing market projections. Investors are shifting from Grayscale to newer, lower-cost ETFs like those from BlackRock, indicating price sensitivity and changing market preferences amid evolving regulatory developments.

Therefore, the significant $30 million outflows from Grayscale’s Bitcoin ETF (GBTC) could exert downward pressure on BTC prices as market sentiment remains uncertain, despite recent positive trading in digital assets.

Key Points:

$30 million outflows from Grayscale Bitcoin Trust
GBTC sold 490 Bitcoin, contributing to ongoing exits
Digital assets showed positive trading, stabilizing market projections
Shift towards lower-cost ETFs like BlackRock’s reflects changing market preferences

Bitcoin Price Prediction

Bitcoin (BTC/USD) is trading around $61,000, reflecting a slight decrease of 0.01%. The 4-hour chart highlights a pivot point at $62,510, indicating a crucial level for market direction, suggesting a bearish Bitcoin price prediction .

Immediate resistance is observed at $63,440, with subsequent levels at $64,510 and $65,710, suggesting potential upward targets if the price breaks above the pivot.

Bitcoin Price Prediction: BTC Hits $61,000 Amid $31M ETF Inflows and Market Confidence image 0

Bitcoin Price Prediction – Source: Tradingview

On the downside, immediate support is positioned at $60,620, with further support at $59,670 and $58,630, marking critical levels for potential declines.

The Relative Strength Index (RSI) at 45 indicates neutral market conditions, while the 50-day Exponential Moving Average (EMA) at $61,960 provides a key resistance level. The technical outlook suggests that Bitcoin remains bearish below the pivot point of $62,510.

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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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