BTC Today’s Market Analysis
Yesterday, the Bitcoin market saw net inflows of $202 million. In addition to BlackRock’s IBIT, the Franklin Bitcoin ETF (EZBC) and the WisdomTree Bitcoin Fund (BTCW) also posted profits, with inflows of $5.5 million and $5.1 million respectively.
However, the Bitwise Bitcoin ETF (BITB) saw huge outflows of $16.6 million. Fidelity Wise Origin Bitcoin Fund (FBTC) and VanEck Bitcoin ETF (HODL) also recorded losses of $8.3 million and $7.2 million respectively.
Despite BlackRock recording significant inflows, Bitcoin’s price remains under downward pressure in the short term. The hourly chart shows that the price fluctuated within a narrow range between 62,700 and 62,900, and tested the support near 62,850 multiple times.
Technical analysis:
- Hourly chart: EMA7 (62868.3) is lower than EMA30 (63240.5), and the moving averages are arranged in a short position. Prices may continue to be under pressure in the short term.
- Daily chart: EMA120 (62855.7) is close to the current price, providing some support.
- Four-hour chart: The SKDJ indicator is close to 10 and a golden cross appears, which may indicate the opportunity for a short-term rebound.
Generally speaking, the current price is in the process of consolidation. If it does not break the EMA120 moving average before 8 o'clock, it is recommended to consider entering a long order and set the stop loss between 500 and 800 US dollars.
