Bitcoin Price Prediction as ETF Outflows Slow Down – Is the Market Forming a Bottom?
Publikováno: 10.5.2024
With Grayscale holding steady and Bitwise recording significant $11.54 million in fresh inflows, the latest Bitcoin price prediction hints at a potential market turnaround.
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Bitcoin’s subtle rally to $61,425 signals a potentially stabilizing market. As Bitcoin ETFs like Grayscale and Bitwise see renewed inflows, totaling $11.54 million recently, optimism grows.
Recent developments, such as the influx of institutional funds and economic cues affecting digital assets, are what fuel Bitcoin price predictions.
Bitcoin ETFs See $11.54 Million Inflows: Grayscale and Bitwise Lead the Way
The cryptocurrency market continues to evolve, with Bitcoin spot Exchange Traded Funds (ETFs) experiencing a significant uptick in investor activity. On May 8, these ETFs collectively saw an influx of $11.54 million, pointing to a renewed vigour in capital flows and investor interest within this sector.
On May 8, #Bitcoin spot ETFs saw a total net inflow of $11.54 million.
Grayscale's ETF $GBTC had no inflows or outflows, while Bitwise's ETF $BITB experienced a single-day net inflow of $11.54 million.
The total net asset value of $BTC spot ETFs stands at $51.50 billion. pic.twitter.com/JNWLFtMyPQ
— Kyledoops (@kyledoops) May 9, 2024
Bitwise’s Bitcoin ETF gained $11.54 million in net inflows, indicating its growing appeal and investor trust. Grayscale’s Bitcoin Investment Trust reported a neutral flow, indicating a stable holding pattern among its investors.
The overall net asset value (NAV) of Bitcoin spot ETFs now stands impressively at $51.50 billion. This substantial figure not only highlights the robustness of the market but also underscores the increasing trust and adoption of digital assets among both institutional and retail investors.
- Bitcoin ETFs continue to attract significant interest and investment, reinforcing their role in modern investment portfolios.
- The surge in ETF inflows mirrors a broader acceptance of cryptocurrencies in regulated investment vehicles.
- Investors are increasingly turning to these funds to access the cryptocurrency market securely and conveniently, benefiting from the familiar structure and regulatory oversight of ETFs.
Bitcoin Price Prediction
Today, Bitcoin(BTC/USD) exhibited a modest uptick, gaining around 0.50% to trade at $61,425 on the 4-hour chart. Technical outlook signals a bullish bitcoin price prediction as the pivot point stands at $61,000. Above this level, Bitcoin faces immediate resistance at $62,865, with further hurdles at $64,360 and $66,760.
On the downside, support is first found at $59,150, with additional layers at $57,000 and $54,675. These levels could cushion potential pullbacks if bearish momentum intensifies.
Technical indicators show the Relative Strength Index (RSI) at 40, suggesting the market is neither oversold nor overbought. The 50-day Exponential Moving Average (EMA) is currently at $62,420, just above the recent price, indicating some resistance near this average.
Bitcoin’s market stance is optimistic above $61,000. But, a drop below this might trigger selling and shift the bias to bearish. Investors should keep an eye on these levels for potential price movements in BTC/USD.
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