US spot Bitcoin ETFs registered slight inflows on Monday.On-chain data shows that BTC's daily active
Bitcoin (BTC) is encountering resistance near the $64,000 level, with on-chain data indicating a rise in daily active addresses, slight inflows into US spot Bitcoin ETFs, and the German Government's transfer of 1,500 BTC valued at $94.7 million potentially triggering a minor correction in BTC price before an anticipated upward rally in the coming days.
Daily digest market movers: Bitcoin spot ETFs saw a mild inflow
July 1 Update:
9 ETFs added 526 $BTC(+$33M).#Blackrock added 1,366 $BTC(+$85.9M) and currently holds 306,979 $BTC($19.3B).#Grayscale decreased 198 $BTC(-$12.4M) and currently holds 275,758 $BTC($17.34B).
The German Government transferred 1,500 $BTC($94.7M) out again in the past 20 minutes, of which 400 $BTC($25.3M) was transferred to #Bitstamp, #Coinbase and #Kraken.
Bitcoin Daily Active Addresses chart
Sony plans to restart Whalefin with a new app and user interface. @Sony bought the crypto exchange from Amber Group last year.https://t.co/FrAA7Y8045
— CoinDesk (@CoinDesk) July 1, 2024
Technical analysis: BTC faces resistance around the $64,000 level
Bitcoin's price broke above the falling wedge pattern on Monday, but it was rejected by the daily resistance level at $63,956 and trades below it at $62,916 on Tuesday.
If BTC's price closes above the $63,956 daily resistance level, it could rise 5% to retest its next weekly resistance at $67,147.
The Relative Strength Index (RSI) and the Awesome Oscillator in the daily chart are below their neutral levels of 50 and zero. If bulls are indeed returning, then both momentum indicators must regain their positions above their respective neutral levels.
If the bulls are aggressive and the overall crypto market outlook is positive, BTC could extend an additional rally of 6% to revisit its weekly resistance at $71,280.
BTC/USDT daily chart
However, if BTC closes below the $58,375 level and forms a lower low in the daily time frame, it could indicate that bearish sentiment persists. Such a development may trigger a 3% decline in Bitcoin's price, to revisit its low of $56,522 from May 1.
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