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Crypto market expected to recover after recent surge
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- Capital inflows into the Bitcoin spot ETF market suggest a change in market sentiment.
- BTC price needs to cross the $71,000 support level to restart the bull run.
- A break of the $61,000 support level would invalidate the uptrend and potentially trigger a correction.
The recent drop in the price of Bitcoin (BTC) has wiped out billions in open interest and triggered a few hundred million in liquidations. With upcoming events in crypto and more broadly action market, the chances of a reversal are high.
Is the crypto market resetting?
With the rise Bitcoin The spot ETF hit $886 million in inflows on June 4 as investors expected the market outlook to turn bullish. Just two days later, BTC fell about 2%, wiping out $4.21 billion in open interest and triggering over $400 million in liquidations. This approach showed that the crypto market was heavily leveraged and the recent move was a necessary color before establishing a directional bias.
Net flows of Spot BTC ETFs
Bitcoin Bias Check
Despite the positive rise in BTC spot ETF inflows, the Bitcoin price outlook still remains uncertain. Here are some key levels to note:
- The 4-hour imbalance, spanning from $62,994 to $64,733, is a key area to accumulate BTC.
- A weekly reversal of the $71,000 hurdle will likely trigger a bullish bias and propel BTC to new all-time highs (ATH).
- Conversely, a $61,000 breakout of the weekly support level will likely trigger a bearish move for the crypto market.
BTC/USDT 1-day chart
Crypto Events This Week
Monday June 10:
Tuesday June 11:
- Fusion Fetch.ai, Ocean Protocol and SingularityNET ASI
Wednesday June 12:
- United States Consumer Price Index (CPI)
Friday June 14:
- The start of the Euro 2024 tournament could trigger a volatile development in the price of Chiliz (CHZ)
Hot or not?
In addition to these events, investors should watch the following altcoin sectors as they could see an uptick due to ripple effects.
- In the gaming sector, Gala (GALA) could see increasing interest due to Euro 2024.
- Meme coins like Shiba Inu (SHIB), Dogecoin (DOGE), and next-generation altcoins like GME could experience ripple effects if there is significant development around Roaring Kitty, aka Keith Gill. Gill gained popularity in 2021 thanks to the Reddit Rally which propelled the GME stock price by 1,600%, and his recent comeback has sent GME soaring.
- Capital inflows into the Bitcoin spot ETF market suggest a change in market sentiment.
- BTC price needs to cross the $71,000 support level to restart the bull run.
- A break of the $61,000 support level would invalidate the uptrend and potentially trigger a correction.
The recent drop in the price of Bitcoin (BTC) has wiped out billions in open interest and triggered a few hundred million in liquidations. With upcoming events in crypto and more broadly action market, the chances of a reversal are high.
Is the crypto market resetting?
With the increase Bitcoin The spot ETF hit $886 million in inflows on June 4 as investors expected the market outlook to turn bullish. Just two days later, BTC fell about 2%, wiping out $4.21 billion in open interest and triggering over $400 million in liquidations. This approach showed that the crypto market was heavily leveraged and the recent move was a necessary color before establishing a directional bias.
Spot BTC ETF net flows
Bitcoin Bias Check
Despite the positive rise in BTC spot ETF inflows, the Bitcoin price outlook still remains uncertain. Here are some key levels to note:
- The 4-hour imbalance, spanning from $62,994 to $64,733, is a key area to accumulate BTC.
- A weekly reversal of the $71,000 hurdle will likely trigger a bullish bias and propel BTC to new all-time highs (ATH).
- Conversely, a $61,000 breakout of the weekly support level will likely trigger a bearish move for the crypto market.
BTC/USDT 1-day chart
Crypto Events This Week
Monday June 10:
Tuesday June 11:
- Fusion Fetch.ai, Ocean Protocol and SingularityNET ASI
Wednesday June 12:
- United States Consumer Price Index (CPI)
Friday June 14:
- The start of the Euro 2024 tournament could trigger a volatile development in the price of Chiliz (CHZ)
Hot or not?
In addition to these events, investors should watch the following altcoin sectors as they could see an uptick due to ripple effects.
- In the gaming sector, Gala (GALA) could see increasing interest due to Euro 2024.
- Meme coins like Shiba Inu (SHIB), Dogecoin (DOGE), and next-generation altcoins like GME could experience ripple effects if there is significant development around Roaring Kitty, aka Keith Gill. Gill gained popularity in 2021 thanks to the Reddit Rally which propelled the GME stock price by 1,600%, and his recent comeback has sent GME soaring.
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