Bitcoin (BTC) $70,000 in View as Spot ETF Market News Today
Bitcoin (BTC) $70,000 in View as Spot ETF Market News Today
Key Points:
Bitcoin (BTC) rose by 2.81 percent, reaching $67,030 at the end of the session.
In addition to rising bets on a September Fed rate cut, inflows into the US BTC-spot ETF market increased buyer demand for Bitcoin.
Investor sentiment will be influenced by US BTC-spot ETF flow trends on Saturday, May 18.
Buyer Demand for Bitcoin (BTC) Driven by US BTC-Spot ETF Market Flow Data On Friday, May 17, Bitcoin (BTC) advanced by 2.81 percent. BTC closed the session at $67,030, reversing a loss of 1.47 percent from Thursday (May 16). Significantly, for the first time since April 12, BTC retained the $67,000 handle.
Investor bets on a September Fed rate cut to drive BTC buyer demand are rising as there are no US economic indicators to frighten investors.
On Thursday, May 16, the total net inflows to the US BTC-spot ETF market were $257.3 million, down from $303.0 million on Wednesday, May 15.
The US BTC-spot ETF market likely extended its net inflow streak to five sessions on Friday, May 17. Grayscale Bitcoin Trust (GBTC) saw net inflows of $31.6 million on Friday (May 17), up from $4.6 million on Thursday (May 16), as stated by Farside Investors.
The net inflows into the Fidelity Wise Origin Bitcoin Fund (FBTC) were $99.4 million, up from $67.1 million on Thursday, May 16.
The Bitwise Bitcoin ETF (BITB) reported $20.8 million in net inflows.
On Friday, May 17, the US BTC-spot ETF market saw total net inflows of $183.4 million without the iShares Bitcoin Trust flow data. The US BTC-spot ETF market may extend its five-session net inflow streak.
Large ETF Store President Nate Geraci cited comments made by an analyst for Coinbase (COIN) and stated
Bitcoin Analysis Technical Analysis BTC stayed well above the 50-day and 200-day exponential moving averages, confirming the bullish price trends.
The bulls could attempt to reach the all-time high of $73,808 if BTC succeeds in breaking above the $69,000 resistance level.
SEC activity, investor sentiment toward a September Fed rate cut, and US BTC-spot ETF market flow data all require consideration.
On the other hand, bears could take a run at the $60,365 support level if BTC breaks below the $64,000 support level and the 50-day exponential moving average.
BTC could return to the $70,000 handle before entering overbought territory with a 14-day RSI reading of 58.35.
The BTC Daily Chart indicates a bullish price.
Analysis of BTCUSD Daily Chart 180524 Ethereum ETH remained above the 200-day EMA while remaining below the 50-day EMA. The bearish near-term but bullish longer-term price trends were confirmed by the EMAs.
A move toward the $3,244 resistance level would be supported by an ETH break above the 50-day EMA. The $3,480 resistance level would become active in the event of a breakout from the $3,244 level.
Conversely, bears could attempt to reach the 200-day EMA if ETH falls below the $3,033 support level.
Before entering overbought territory, the 14-period Daily RSI reading of 52.95 indicates that ETH will break above the $3,480 resistance level. more detail related article find here
