Bitcoin Alert: Short-Term Correction Ahead! Top Analyst Signals Key Support at $68,500
The post Bitcoin Alert: Short-Term Correction Ahead! Top Analyst Signals Key Support at $68,500 appeared first on Coinpedia Fintech News
Bitcoin traders are on high alert as prominent chart analyst Ali Martinez has warned of a potential short-term correction leading to a price drop in price. This caution comes amidst Bitcoin’s slight decline of 0.5% in the past 24 hours, settling at $70,834.5.
However, despite Martinez’s warning, daily inflows into Bitcoin ETFs continue their impressive streak, now at 17 consecutive days.
Bitcoin Price Correction Ahead
Ali Martinez has highlighted a potential short-term correction for Bitcoin (BTC) as the TD Sequential indicator signals a sell signal on the four-hour chart. This indicator suggests that BTC could experience a one- to four-candlestick correction before resuming its upward trend.
The TD Sequential presents a sell signal on the #Bitcoin four-hour chart! It suggests $BTC could enter a one- to four-candlestick correction before continuing the uptrend. pic.twitter.com/oDeVfF31pi— Ali (@ali_charts) June 5, 2024
Meanwhile, this news comes amidst a surge in Bitcoin’s market capitalization, which has now reached $1.4 trillion, and a notable increase in trading volume.
Despite this warning, the U.S. spot Bitcoin exchange-traded funds (ETFs) have witnessed substantial inflows. On June 5, these ETFs recorded their third-highest daily inflow ever, with a total net intake exceeding $488 million. This marked the 17th consecutive day of net inflows, showcasing continued investor interest in Bitcoin.
On June 5, Bitcoin spot ETFs had a total net inflow of $488 million, continuing the 17th day of net inflow. Grayscale ETF GBTC had a single-day inflow of $14.5802 million, Fidelity ETF FBTC had a single-day inflow of $221 million, and BlackRock ETF IBIT had a single-day inflow of… pic.twitter.com/6CHwUPj0Hv— Wu Blockchain (@WuBlockchain) June 6, 2024
Leading the surge in ETF inflows is Fidelity’s Wise Origin Bitcoin Fund, which attracted $221 million. BlackRock’s iShares Bitcoin Trust followed with $155 million in inflows. Additionally, Grayscale’s ETF GBTC reported a single-day inflow of $14.5802 million.
Crucial Support at $68500
According to Martinez’s analysis, the critical support level for Bitcoin currently rests at $68,500. If Bitcoin maintains this level, it could pave the way for further upward movement.
However, Martinez notes that Bitcoin recently broke out of a symmetrical triangle at $69,000, signaling a bullish trend. The pivot point for Bitcoin is identified at $68,500, with immediate resistance anticipated at $71,200.
Despite these positive indicators, the Relative Strength Index (RSI) stands at 66.95, suggesting overbought conditions and hinting at a potential price correction ahead leading to a short-term fall.
Bitcoin Dominance Continues
On the flipside, Bitcoin’s dominance in the market remains strong at 54.53%, indicating continued faith from institutional and retail investors. This strength is especially noticeable because of the recent approval of a spot Ethereum ETF, showing that Bitcoin is still very popular in the crypto market.
Along with the recent surge in inflows follows the recent approval and listing of Bitcoin-regulated funds in Australia, the U.K., and Thailand.
Also Check Out : XRP ETF Would Make A Lot of Sense: Says Ripple President Monica At Consensus 2024
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