US BTC-Spot ETF Inflows On Saturday, June 8, the price of Bitcoin (BTC) dropped to 0.06%, with the session’s closing price stopping at $69,389. The inflow into the US Bitcoin spot ETF market overcast investors’ views on the Fed’s interest rate path. The FOMC policy rate, which is the anchor rate of the U.S., estimates, and press conferences are events that investors should take cues from on Sunday.
US BTC-Spot ETF Market Inflows Limit the Downside
On June 8, Bitcoin (BTC) showed a slight decline of only 0.06 percent. Bitcoin increased by 1.97% on Friday, June 7, to $69,389. The BTC downtrend has lasted for three days. Undoubtedly, the keenness of the FOMC about the interest rates, economic estimates, and press conferences cast a dark shadow over BTC demand. Mixed May figures were recorded in that Day’s US labor market report. The faster the salary grows, the more spending will occur. Increased disposable income may result in more consumer expenditure, which is inflationary in demand. Nonfarm payrolls increased by 272,000. The economists forecast the total number of nonfarm payrolls would be 180,000.
It seems the people’s caution over whether the Fed will revise the interest rate, the uncertainty around economic forecasts, and the briefing could finally set a rub in the BTC buyers. D-Day will arrive on Wednesday when the Federal Open Market Committee (FOMC) will present its economic projections and the interest rate decision. June 12 The point that may have an additional effect is the more downcast forecasts.
Consumer price index data in the U.S. must also be reviewed before making the interest rate decision. Such talk as the speculation of a September Fed rate cut can be misleading, but it will all be resolved if the inflation data figure is hotter than predicted.
Even though the rest of the market dropped, Ethereum (ETH) saw a slight pick-up and concluded at $3,682, up 0.11%. The introduction of Ethereum spot ETFs was done through the investor’s continuously optimistic assumption that the SEC would agree to the S-1 forms; hence, the Ethereum buyers felt motivated by this statement
Technical Analysis
Bitcoin Analysis
The resounding support for BTC remained the token above the even 50-day and 200-day exponential moving averages, suggesting favorably priced signals. If bitcoin prices increase beyond $70,000, bulls may well surpass a former high of $71,992 dated June 7. A return of $71,992 is necessary to the A/T high of $73,808.
While an investor places a bet on the Fed’s October 13 rate decrease, it is necessary to remember the SEC’s market monitoring and the US’s Bitcoin spot ETF rhetoric. The 50-day exponential moving average (EMA) may be reached if Bitcoin values fall below the $69,000 support level. Cryptocurrency (BTC) notched a new all-time high at $73,808 and then rapidly retreated overbought, meaning RSI has dropped from 70 to 55.61 in 14 days.
Ethereum Analysis
ETH showed a bullish move after it crossed the 50-day and 200-day exponential moving averages. To break through the $3,835 resistance level, Ethereum should first come out of the $3,750 range. If the rally continues beyond the $3,835 level, the bulls can go as far as $4,000.
Investors should consider US ETH-spot ETF-related updates
A breach of $3,600 by ETH could give bears an opportunity to target the 50-day exponential moving average at $3,480. This level is likely to observe evidence of more accumulation. The golden mean is the golden mean is the 50-day exponential moving average and the support level. The 14-period Daily RSI of 53.49 predicts ETH will return to $4,000 before the overbought collection.
FAQs
How do US BTC-Spot ETF inflows impact Bitcoin prices?
Inflows into the US Bitcoin spot ETF provide support for Bitcoin, limiting downside risks and encouraging investor optimism despite broader market declines.
What role does the Federal Reserve's interest rate decision play in Bitcoin's price movement?
The Fed's decisions on interest rates and economic projections can significantly affect Bitcoin demand, especially with speculation about potential rate cuts.
What are the key resistance and support levels for Bitcoin?
Bitcoin faces resistance near $71,992, with support at $69,000 and the 50-day exponential moving average, signaling important price action areas.
How is Ethereum (ETH) performing in the market?
- Ethereum has shown a bullish move, crossing key moving averages, with potential to break through resistance at $3,835 and target $4,000 if the rally continues
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