Bitcoin

Impact

April

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<ul>
 <li><strong>Bitcoin’s price has been range-bound, influenced by the cash-and-carry arbitrage strategy.</strong></li>
 <li><strong>Institutional trading behavior continues to reinforce range-bound expectations.</strong></li>
</ul>
<p><a href="https://www.crypto-news-flash.com/why-is-bitcoin-btc-down-today-will-the-price-fall-to-20000-or-rise-to-35000-first-report/" rel="noopener noreferrer nofollow">Bitcoin has been oscillating</a> between $56,552 and $73,777 for several weeks, creating a highly volatile trading environment. Traders face the challenge of determining breakout directions within this unpredictable range.</p>
<p>Experts recommend waiting for a clear breach of resistance levels before making <a href="https://www.crypto-news-flash.com/bloomberg-bitcoin-etf-approval-anticipated-this-week-alongside-7-sec-deadlines-will-it-propel-btc-price-to-30000-or-push-it-down-to-25000-a-comprehensive-analysis/" rel="noopener noreferrer nofollow">significant trades</a>. As reported in Coin Market Cap news updates, this situation adds to the complexity of making significant trades.</p>
<h2 id="strong-impact-of-cash-and-carry-arbitrage-strong"><strong>Impact of Cash-and-Carry Arbitrage</strong></h2>
<p>Bitcoin’s recent price stagnation is primarily due to the cash-and-carry arbitrage strategy, as <a href="https://insights.glassnode.com/the-week-onchain-week-25-2024/?utm_campaign=woc_25_2024&amp;utm_medium=email&amp;utm_source=woc_newsletter" rel="noopener noreferrer nofollow">highlighted</a> by Glassnode. This trading method involves taking a market-neutral position by purchasing BTC in the spot market (going long) and simultaneously selling its futures contract (going short) when trading at a premium.</p>
<p>According to The Week Onchain Newsletter, this trend is likely to persist. In their Week On Chain report published on June 18, Glassnode analysts noted,</p>
<blockquote>
 <p>The cash-and-carry trade continues, with a particular uptick by institutional traders, reinforcing an expectation of range-bound trading for the time being.</p>
</blockquote>
<h2 id="recent-price-movements-and-market-impact">Recent Price Movements and Market Impact</h2>
<p>On June 18, Bitcoin touched $64,602, the lower boundary of its range. The downward trend of the 20-day EMA at $67,249 and an RSI below 40 indicate bearish dominance. If $64,602 fails, Bitcoin could drop to $60,000. However, a rebound above the 20-day EMA could push it to $70,000.</p>
<p>Despite significant inflows into crypto investment products, Bitcoin’s price remains range-bound. Glassnode noted that increased cash-and-carry trades—long positions in U.S. Spot ETFs and shorting futures on the CME Group exchange—diminish the impact of these inflows.</p>
<p>Additionally, Bitcoin’s price dropped 6% in the past week due to the Federal Reserve’s restrictive stance, <a href="https://www.crypto-news-flash.com/bloomberg-bitcoin-etf-approval-anticipated-this-week-alongside-7-sec-deadlines-will-it-propel-btc-price-to-30000-or-push-it-down-to-25000-a-comprehensive-analysis/" rel="noopener noreferrer nofollow">shaking investor</a> confidence and leading to $32 million in liquidations over the past 24 hours.</p>
<h2 id="long-term-trends-and-future-prospects">Long-Term Trends and Future Prospects</h2>
<p>Bitcoin is now in its fifth epoch following the halving on April 20, which reduced miner rewards from 6.25 BTC to 3.125 BTC, significantly impacting miner revenue. Despite a 12% correction from the all-time high of $73,800, analysts remain cautiously optimistic.</p>
<p>As previously highlighted by CNF, <a href="https://www.crypto-news-flash.com/bitcoins-price-stability-analysts-divided-over-market-bottom-at-65000-is-70000-or-60000-next/" rel="noopener noreferrer nofollow">analysts like CrediBULL Crypto suggest a potential bottom for Bitcoin around the $64,000 level</a>. If broken, Bitcoin could drop to critical support levels at $60,000, $52,000, and $46,000. Currently, Bitcoin (BTC) is priced around <strong>$64,946.79</strong>, reflecting a <span style="color: #ff0000;"><strong>0.24%</strong></span> decrease in the past day and a <span style="color: #ff0000;"><strong>4.87%</strong></span> decrease in the past week. View the BTC price chart below.</p>
<p><span data-sheets-root="1" data-sheets-value="{&quot;1&quot;:2,&quot;2&quot;:&quot;&quot;}" data-sheets-userformat="{&quot;2&quot;:513,&quot;3&quot;:{&quot;1&quot;:0},&quot;12&quot;:0}"></span></p>
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Bitcoin Price Stalls at $64,807 as Cash-and-Carry Strategy Dominates Market

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