The crypto market is on edge as Bitcoin spot ETFs in the U.S. experience a sudden shift, with Bitcoin jumping 4% on Monday and critical CPI data looming on Wednesday. The crypto roller coaster continues, but could sentiment be changing? A prominent whale on Bitfinex has been aggressively buying Bitcoin, accumulating around 450 BTC daily. Here’s what you need to know:
- Bitcoin spot ETFs saw $28.72 million in inflows, reversing an eight-day outflow streak.
- The total crypto market chart continues to produce lower highs with a Death Cross already at play on the daily timeframe. The next resistance is at $2.09T.
- Bitcoin hovers at $57K, but a potential Death Cross threatens a bearish plunge.
Spot Bitcoin ETFs See a Rebound
After eight consecutive days of outflows, Bitcoin spot ETFs recorded $28.72 million in net inflows on Monday. Fidelity’s FBTC led the gains, pulling in $28.6 million, while other funds like Bitwise and Ark Invest followed suit. However, Grayscale’s GBTC saw outflows of $22.76 million, and BlackRock’s IBIT wasn’t far behind with $9.06 million in losses. While inflows are promising, overall trading volume dropped to $1.61 billion—down from $2.39 billion just days before.
Fake-Outs Threaten Crypto Market Stability
The Crypto Total Market Cap (TOTAL) chart highlights growing fake-out risks. After sweeping key levels at $1.777T, resistance is mounting around $2.09T. With three fake-outs already on the radar, I remain cautious of sudden price reversals. CCI bullish divergence offers a glimmer of hope on the daily timeframe, but I’m uncertain of a sustained recovery. A 7% move to the next level of interest could be in play, but I’m continuing to bank profits along the way—I don’t want to get caught off guard.
Bitcoin’s $57K Struggle and Death Cross Risk
Bitcoin’s daily chart shows the king of crypto clinging to the $57,000 mark, but bearish signals loom. A potential Death Cross on the daily timeframe could signal further declines, especially if critical support around $54,108 breaks. If that happens, Bitcoin could dip into the $44,000-$45,000 range. I am watching out for breakouts above $58,000, but the potential Daily Death Cross is hovering around $59,500.
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Written by Matthew Stella. At the time of writing this article, Bitcoin was trading at $57,156.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial advice. The author takes no responsibility for any financial losses incurred as a result of trading or investing based on the information provided. Always conduct your own research and consult with a professional financial advisor before making any investment decisions.
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