ETFs
Bitcoin (BTC) News Today: US BTC-Spot ETFs Eye Fourth Consecutive Day of Outflows
- The Fidelity Wise Origin Bitcoin Fund (FBTC) reported net outflows of $83.1 million.
- Grayscale Bitcoin Trust (GBTC) saw net outflows of $62.3 million.
- The Bitwise Bitcoin ETF saw net outflows of $7.0 million.
- Excluding flow data for iShares Bitcoin Trust (IBIT) and Valkyrie Bitcoin Fund (BRRR), the US BTC spot ETF market saw total net outflows of $152.4 million.
Importantly, the US BTC spot ETF market faced its longest net outflow streak since ending a seven-day net outflow streak on May 3.
Notably, the seven-day net outflow streak sent BTC to a May 1 low of $56,552.
Recent trends highlight the influence of US economic data and Fed speeches on the US BTC spot ETF market and BTC price trends.
Technical analysis
Bitcoin Analysis
BTC remained below 50 days EMA but above the 200-day EMA, signaling short-term bearish trends but longer-term bullish outlook.
If BTC crosses the 50-day EMA, it could test the $69,000 resistance level. A break above the $69,000 resistance level could allow the bulls to reach the all-time high of $73,808.
FOMC members’ discussions and US BTC spot ETF flow data require investors’ attention.
On the other hand, if BTC breaks below the $64,000 support level, it could indicate a decline to the $60,365 support level.
With a daily RSI of 39.43, BTC could fall below the $64,000 support level before entering oversold territory.