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Bitcoin has not recovered significantly from yesterday's sharp drop to around $62,000 and is currently trading at $62,700. Ethereum also remains under pressure, poised to potentially fall below $1,650 at any moment.
The negative situation in the market is confirmed by the continued outflows from spot ETFs for Bitcoin and Ethereum. There was a $68.2 million outflow from Bitcoin ETFs and a $66 million outflow from Ethereum ETFs yesterday, amid a record 30-day outflow of $6.35 billion, according to Galaxy Research.
Notably, for the first time in a long time, outflows from Ethereum ETFs have nearly equaled those from Bitcoin ETFs in absolute terms—an indication that pressure on the second-largest asset by market capitalization remains strong. Among altcoins, the only asset with positive results was XRP, with an inflow of $5.3 million. LINK saw a slight decline of $490,000. All other assets showed zero flows. The overall picture of the day: sellers still set the tone, and there are not enough buyers to offset the pressure.
The main event of the day was another transfer from BlackRock: the world's largest asset manager sent 2,400 BTC, worth $149.6 million, and 38,337 ETH, worth $63.4 million, to Coinbase Prime. In recent weeks, such transfers have become almost routine: we previously noted that, over ten days, BlackRock had moved nearly $2.2 billion in total to exchanges. The transfer of assets to trading venues is traditionally interpreted by the market as preparation for sale, and each such transfer creates additional psychological pressure on prices. Against this backdrop, Bitcoin's drop to around $62,600 with liquidations of long positions exceeding $170 million appears to be a logical consequence of accumulated pressure.
Regarding short-term trading, the strategy and conditions are outlined below.
Scenario No. 1: I plan to buy Bitcoin today upon reaching the entry point in the area of $63,000 with a target increase to the level of $64,000. At around $64,000, I will exit my buy positions and sell immediately on a pullback. Before buying on the breakout, make sure the 50-day moving average is below the current price and the Awesome Oscillator is above zero.
Scenario No. 2: I can also buy Bitcoin from the lower boundary at $62,400, assuming there is no market reaction to a breakout below, targeting $63,000 and $64,000.
Scenario No. 1: I plan to sell Bitcoin today upon reaching the entry point in the $62,400 area, with a target drop to $61,600. Around $61,600, I will exit my sell positions and buy immediately on the pullback. Before selling on the breakout, make sure that the 50-day moving average is above the current price and that the Awesome Oscillator is below zero.
Scenario No. 2: I can also sell Bitcoin from the upper boundary of $63,000 if there is no market reaction to a breakout below, targeting $62,400 and $61,600.
Scenario No. 1: I plan to buy Ethereum today upon reaching the entry point in the area of $1,677 with a target increase to the level of $1,717. At around $1,717, I will exit my buy positions and sell immediately on a pullback. Before buying on the breakout, make sure the 50-day moving average is below the current price and the Awesome Oscillator is above zero.
Scenario No. 2: I can also buy Ethereum at the lower boundary of $1,653, with no market reaction to a breakout below, targeting $1,677 and $1,717.
Scenario No. 1: I plan to sell Ethereum today upon reaching the entry point in the $1,653 area, with a target drop to $1,602. Around $1,602, I will exit my sell positions and buy immediately on the pullback. Before selling on the breakout, make sure that the 50-day moving average is above the current price and that the Awesome Oscillator is below zero.
Scenario No. 2: I can also sell Ethereum from the upper boundary of $1,677 if there is no market reaction to a breakout below, targeting $1,653 and $1,602.
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