Bitcoin Strong On Improved Etf Inflows

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Bitcoin Strong On Improved Etf Inflows

Bitcoin Strong Above $62,000 On Improved Etf Inflows

3% drop was seen in the price of Bitcoin (BTC) on Tuesday as the cryptocurrency trades near the $63,000 right now. As per the on-chain data, around $71.02 million worth of short positions were liquidated, along with an increase in the open interest.

Another noteworthy development was a record amount of inflows into the spot Bitcoin ETFs worth around $300.90 million. Meanwhile, around 44527 BTC were moved out of Mt. Gox wallets to an internal wallet, which led to an increase in market uncertainty.

Bitcoin (Btc) Breaks Out Of Bearish Trendline

Despite all of this, Bitcoin (BTC) broke out of a descending trendline on Sunday in a bullish manner. After that, the cryptocurrency gained 6.5% the very next day and flexed its muscles. However, the cryptocurrency was met with a touch resistance of nearly $64913, which has sent it down.

Even now, many buyers are on the sidelines waiting for opportunities between $57,000 - $59,000 to join the bandwagon. That's the same spot where the bearish trendline was pierced which is now serving as a support.

So, if the Bitcoin (BTC) drops down to the mentioned trendline, another 10% rally could happen. In that case, the most probable target for the cryptocurrency will be near $64913, an important daily resistance.

closer look at the Bitcoin (BTC) D1 chart shows that RSI is printing above the 50 level while the AO indicator is in the neutral area. Over all, both of these momentum indicators are printing above the medium line which shows that bulls ar still in control.

Furthermore, a successful break of the $64913 will invite more buyers and send the spot towards the $67209 with an additional gain of 3%.

Another scenario is that the bears send the Bitcoin (BTC) down to the $56405 which will mean bears have gained control. In that case, an additional 7.5% decline will be seen in the price of the Bitcoin (BTC).

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