ETFs
Bitcoin (BTC) News Today: Can US BTC-Spot ETFs Counter Mt. Gox’s Bid?
Later in Tuesday’s session, Fed Chair Powell will testify on Capitol Hill. His views on the labor market, inflation, and the timing of a Fed rate cut could affect buyer demand for U.S. BTC spot ETFs and BTC. However, the U.S. inflation numbers on Thursday, July 11, could be crucial.
Weaker-than-expected US inflation figures could increase investors’ expectations for a Fed rate cut in September and demand for BTC.
In summary
US BTC-spot ETF inflows have eased investor concerns about Mt Gox oversupply. However, market sentiment regarding the Fed’s interest rate path has also influenced buyers’ appetite for US BTC-spot ETFs and BTC. Weaker-than-expected US inflation figures and US BTC-spot ETF inflows are expected to counteract the effects of Mt Gox supply.
Given the market dynamics, investors need to stay vigilant. Monitor real-time data and expert feedback to adjust your trading strategies accordingly. Stay informed with our latest updates and insights to navigate the cryptocurrency market.
Technical analysis
Bitcoin Analysis
Bitcoin was below 50 days and 200 days EMAsending bearish price signals.
A BTC break above the 200-day EMA would favor a move towards the $60,365 resistance level. Moreover, a BTC break above the $60,365 resistance level could give the bulls a chance to reach the 50-day EMA.
Fed Chair Powell, Mt. Gox-related news, and US BTC spot ETF market flow trends to consider on Tuesday, July 9.
On the other hand, a drop below the $52,884 support level could give the bears a chance to reach the $50,000 level.
With a daily RSI reading of 33.47, BTC could fall as far as the $54,000 mark before entering oversold territory.