How US BTC-Spot ETF Inflows Cushion the Downside

US BTC-Spot ETF Inflows: On Saturday, June 8, Bitcoin (BTC) decreased by 0.06%, resulting in the session’s closing price of $69,389. The inflows into the US Bitcoin spot ETF market overshadowed the mood of investors regarding the Fed’s interest rate trajectory. The Federal Open Market Committee (FOMC) interest rate decision, estimates, and press conference are all things investors should consider on Sunday.

US BTC-Spot ETF Market Inflows Limit the Downside

Bitcoin (BTC) declined 0.06 percent on June 8. Bitcoin fell 1.97% to $69,389 on Friday, JuJune 7The BTC losing skid now covers three sessions. Investor worry over the FOMC interest rate decision, economic estimates, and press conference affected BTC demand. Friday’s US labor market report showed mixed May results. Faster salary growth means more spending. Rising disposable income may increase consumer expenditure and demand-driven inflation. Nonfarm payrolls rose 272,000. Economists predicted 180,000 nonfarm payrolls.

Despite a decrease in the participation rate from 62.7% to 62.5% and an increase in nonfarm payrolls, the US unemployment rate climbed from 3.9% to 4.0%. According to US Bitcoin spot ETF market patterns, investors emphasized the unemployment rate more. On Friday, JuJune, 7the US Bitcoin spot ETF market received a total of $131.0 million in net inflows, as reported by Farside Investors.

US BTC-Spot ETF Market Inflows Limit the Downside

Uncertainty around the FOMC interest rate decision, economic estimates, and the press conference might further test buyer demand for BTC. On Wednesday, the Federal Open Market Committee (FOMC) will reveal its financial forecasts and interest rate decision. June 12 There may be an additional effect on the demand for riskier assets from more pessimistic forecasts. The US CPI Report must also be considered before the interest rate decision. Speculation of a September Fed rate cut could be dashed if inflation data comes in hotter than predicted.

In contrast to the market as a whole, ethereum (ETH) ended the session up 0.11% at $3,682. The debut of Ethereum spot ETFs was made possible by investors’ persistent anticipation that the SEC would approve the S-1 forms, which boosted buyer enthusiasm for Ethereum.

Also Read: BlackRock’s $20B Bitcoin ETF Outperforms Grayscale Globally

Technical Analysis

Technical Analysis

Bitcoin Analysis

The favorable price signals were confirmed as BTC remained above the 50-day and 200-day exponential moving averages. If bitcoin prices continue to rise above $70,000, bulls may be able to challenge the previous high of $71,992 reached on June 7. Break back over $71,992 would pave the way for a test of the all-time high of $73,808.

Investor wagers on a September Fed rate decrease, SEC activity, and talk around the US Bitcoin spot ETF market must be considered. The 50-day exponential moving average (EMA) can be reached if Bitcoin prices decline below the $69,000 support level. Cryptocurrency (BTC) might get a new all-time high of $73,808 before becoming overbought, according to a 14-day RSI reading of 55.61.

Ethereum Analysis

ETH’s price action was bullish since it exceeded the 50-day and 200-day exponential moving averages. To reach the $3,835 resistance level, Ethereum has to break out of the $3,750 range. If prices rise over the $3,835 mark, bulls may be able to move to the $4,000 mark.

Investors should consider US ETH-spot ETF-related updates.

If ETH falls below $3,600, bears may target the 50-day exponential moving average and $3,480 support level. The $3,480 support level might see more buying activity. A support level and the 50-day exponential moving average are in a sweet spot. The 14-period Daily RSI of 53.49 suggests ETH will rebound to $4,000 before overbought.

Ali Raza

Ali Raza is an experienced freelance content writer. His focus is primarily on aster-crypto and btccoinzone. One might even refer to him as a "blockchain enthusiast." He has been following advancements in the crypto and blockchain area for several years, researching and writing his insights in the media. In addition to being a skilled content writer, Ali Raza is also knowledgeable in SEO and digital marketing. He aspires to succeed as a content creator in the digital realm, dealing with customers in the finance and tech industries to generate traffic through engaging taglines and content. Ali Raza enjoys traveling, reading, and playing cricket when not writing. He now works as a news and article writer for Astercrypto.

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