The crypto market outlook in July is positive again, following massive inflows to Bitcoin BTC Spot ETFs on July 1.
Spotonchain data revealed that Bitcoin ETFs recorded inflows of $129 million, sparking hope for a recovery for BTC. The latest flow marks the fifth consecutive daily inflow recorded for Spot Bitcoin ETFs.
It has reignited investor optimism, with many anticipating that Bitcoin will rebound in the coming days.
Bitcoin Spot ETFs Record Inflows as Crypto Market Recovers
Spotonchain data reveals that Fidelity’s FBTC ETF recorded the most flows, with $65 million in inflows. Surprisingly, no US Bitcoin ETF recorded any outflows on July 1.
🚨 $BTC #ETF Net Inflow July 1, 2024: +$129M!
• No US Bitcoin ETF saw an outflow yesterday 🎉.
• #Fidelity (FBTC) saw the largest single-day inflow at $65M.
• Both #BlackRock (IBIT) and #Grayscale (GBTC) experienced net flows of $0 yesterday.
• Overall, the net inflow… pic.twitter.com/rM9socAJ5t
— Spot On Chain (@spotonchain) July 2, 2024
Bitwise’s BITB recorded an inflow of $41 million, Ark Invest’s ARKB got $13 million, while BlackRock’s IBIT and Grayscale’s GBTC did not record any outflow.
The net inflows to BTC Spot ETFs remained positive for five consecutive trading days, amounting to $266 million in the past five days.
Bitcoin’s price has remained slightly bearish in the past 24 hours, trading at $62,649. This suggests that the Spot ETF inflows alone may not be sufficient to force a Bitcoin rally.
On-chain Factors Hint at a Possible Recovery Ahead for Bitcoin
Meanwhile, the on-chain analytical platform CryptoQuant revealed that Bitcoin miners’ capitulation has declined since May. So, the selling pressure on Bitcoin is reducing, which creates the possibility of a recovery in the coming weeks.
CryptoQuant analysts believe that Bitcoin will rally in the third quarter of 2024 based on the declining pressure from sellers.
According to the CEO of CryptoQuant, Ki Young Ju, the Bitcoin market is boring and has less volatility. Additionally, buyers and sellers show low interest, making it an ideal time for whale accumulation.
Young Ju believes the bull cycle has begun, and BTC’s current price provides a great buy opportunity.
Further analysis reveals that Bitcoin is in a reaccumulation phase, and if this continues, a breakout will likely occur that could see Bitcoin retesting the $70,000 price level.
Is $BTC in Reaccumulation? Wyckoff and On-Chain Analysis
“If the reaccumulation phase continues, we could expect a breakout upwards (markup phase) as the next step in the Wyckoff cycle.” – By @onchain_edge
Read more 👇https://t.co/rgU11Ef4Iv pic.twitter.com/GjOMICVENG
— CryptoQuant.com (@cryptoquant_com) July 2, 2024
What’s Next for BTC?
BTC is in a sideways trend on the daily chart. The small candles formed in the past two days show limited trading activities. The asset has found vital support at $62,000 but lacks sufficient pressure from buyers to overcome the $63,700 resistance level.
Bitcoin is trading below the median band of the Donchian Channel (DC), confirming strong resistance at $63,700. Additionally, the RSI indicator is moving sideways with a value of 43.97. This confirms BTC’s sideways trend and the limited trades executed in the market today.
Nevertheless, the current chart suggests a possible recovery for BTC since it has maintained the $62,000 support. If the RSI breaks above 50 and the buyers re-enter the market, Bitcoin could rebound in the coming days.
Disclaimer: The opinions expressed in this article do not constitute financial advice. We encourage readers to conduct their own research and determine their own risk tolerance before making any financial decisions. Cryptocurrency is a highly volatile, high-risk asset class.
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