HomeBitcoin NewsBitcoin (BTC) Update: BTC Price Falls Below $54K; Will ETF Market Provide...

Bitcoin (BTC) Update: BTC Price Falls Below $54K; Will ETF Market Provide a Boost?

US BTC-Spot ETF Market Reacts to US Jobs Report and Fed Rate Expectations

The US BTC-spot ETF market saw a boost in inflows following the release of the US Jobs Report on Friday, July 5. According to Farside Investors, several key ETFs experienced significant net inflows, indicating a positive reaction to the report.

Grayscale Bitcoin Trust (GBTC) reported net outflows of $28.6 million, while Fidelity Wise Origin Bitcoin Fund (FBTC) saw net inflows of $117.4 million, the highest since June 5. Other ETFs such as Bitwise Bitcoin ETF (BITB), VanEck Bitcoin Trust, and ARK 21Shares Bitcoin ETF (ARKB) also saw net inflows, contributing to a total of $143.1 million in net inflows for the US BTC-spot ETF market.

The market’s reaction to the US Jobs Report was also reflected in the Nasdaq Composite Index, which gained 0.90% on the same day. Additionally, 10-year US Treasury yields fell by 65 basis points to 4.282%, further indicating a positive sentiment in the market.

Investor bets on a potential Fed rate cut and the trend of US BTC-spot ETF market inflows could support Bitcoin (BTC) at current levels. Despite supply-demand concerns impacting BTC and the broader crypto market, the possibility of a less hawkish Fed rate path and increased ETF inflows may help buoy BTC prices.

Technical analysis suggests that BTC remains below the 50-day and 200-day EMAs, signaling bearish price signals. However, a move above the 200-day EMA could lead to a test of the $60,365 resistance level, with potential further upside towards the 50-day EMA and $64,000 resistance level. On the downside, a break below $55,000 could see bears target the $52,884 support level.

With a 27.23 14-Daily RSI reading, BTC is currently in oversold territory, indicating a potential increase in buying demand at the $55,000 level. Market sentiment towards the Mt. Gox repayment to creditors remains a headwind, but the positive trends in US BTC-spot ETF inflows and expectations of a Fed rate cut could provide support for BTC in the near term. Stay informed with the latest updates and insights to navigate the crypto market effectively.

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