2024

United

Bitcoin

Spot

<p>The post <a href="https://coinpedia.org/news/has-bitcoin-established-a-local-bottom-yet-cryptoquant-reveals/">Bitcoin Dips Below $70k: Are We Nearing a Price Bottom?</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Bitcoin (BTC) has shown remarkable stability, maintaining a price above $60,550 over the past four months, despite widespread fears of further crypto market downturns. On Wednesday, the leading cryptocurrency traded at approximately $61,377, having recently dipped from a high of around $70,000.</p> 
<p>Could this be a buying opportunity, or is a deeper correction on the horizon? Read on to explore the latest on Bitcoin’s price action and what experts are saying about what’s next.</p> 
<h2 class="wp-block-heading" id="h-cash-flow-dynamics-in-bitcoin-etfs">Cash Flow Dynamics in Bitcoin ETFs</h2> 
<p>In a positive turn, U.S. spot Bitcoin exchange-traded funds (ETFs) witnessed a small yet significant cash inflow of $31 million after more than two weeks of sustained outflows. Fidelity’s FBTC and Bitwise-backed BITB saw cash inflows of about $49 million and $15 million, respectively.</p> 
<p>Conversely, Grayscale’s GBTC reported a cash outflow of approximately $30 million on Tuesday, while BlackRock’s IBIT showed no cash flow activity.</p> 
<h2 class="wp-block-heading" id="h-signs-of-a-local-bottom">Signs of a Local Bottom?</h2> 
<p>CryptoQuant’s Gustavo Faria suggests that Bitcoin’s current market structure indicates a potential local bottom. Analyzing on-chain data, CryptoQuant observed that short-term Bitcoin holders are experiencing negative average profitability, a common indicator of a local bottom.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Signs of a Local Bottom?<br><br>After a 15% correction, <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> shows potential signs of a local bottom. Open interest has declined, funding rates are near zero, suggesting a more balanced market. Crucial U.S. economic data incoming. Is the tide turning? – By Gustavo Faria<br><br>Full post… <a href="https://t.co/nRCDVawmFa">pic.twitter.com/nRCDVawmFa</a></p>— CryptoQuant.com (@cryptoquant_com) <a href="https://twitter.com/cryptoquant_com/status/1805859442241528053?ref_src=twsrc%5Etfw">June 26, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>Additionally, the Bitcoin futures market has seen a decline of about $3 billion in open interest over the past three weeks, accompanied by near-zero funding rates.</p> 
<h2 class="wp-block-heading" id="h-a-look-at-the-economics">A Look at the Economics</h2> 
<p>Investors are eagerly awaiting crucial U.S. economic data, which will provide a clearer picture of the economic outlook. On Thursday, the U.S. GDP and initial jobless claims data will be released, followed by inflation data (PCE) on Friday.</p> 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 <p><em>“A significant factor influencing price action in recent months has been U.S. macroeconomic data, given the uncertainty about the future of American monetary policy, which affects investors’ risk appetite,”</em></p> <cite><a href="https://cryptoquant.com/insights/quicktake/667adec2a0017a125b2c7a56-Signs-of-a-Local-Bottom?utm_source=twitter&amp;utm_medium=sns&amp;utm_campaign=quicktake&amp;utm_content=gustavo-faria">CryptoQuant</a></cite>
</blockquote> 
<h2 class="wp-block-heading" id="h-the-road-ahead-for-bitcoin">The Road Ahead for Bitcoin </h2> 
<p>Bitcoin’s price could likely close the month around $61,000. However, if it consistently closes below $60,000 in the coming weeks, the flagship cryptocurrency might drop towards $50,000. On the upside, the weekly Relative Strength Index (RSI) is approaching the 50 percent level, which could signal a market rebound ahead.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">It appears that we are forming a classic hidden bullish divergence on <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> weekly. <a href="https://t.co/ae7PSMKY5I">pic.twitter.com/ae7PSMKY5I</a></p>— Bitcoinsensus (@Bitcoinsensus) <a href="https://twitter.com/Bitcoinsensus/status/1805896284995277119?ref_src=twsrc%5Etfw">June 26, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p><strong>The experts are weighing in, but what do YOU think? Will Bitcoin rebound or head towards $50k?</strong></p>

Bitcoin Dips Below $70k: Are We Nearing a Price Bottom?

Table of Contents

CoinPedia News

Other articles published on Jun 26, 2024

Stocks to Watch Today: TSLA, RIVN, and Moderna

Sealana July Launch Date Revealed - Experts Call It The Next 100x Solana Meme Coin

U.S. Offers $5M Reward For Information On Crypto Fraudster Ruja Ignatova

Spot Ethereum ETF Approval Is Now Progressing Smoothly, SEC Chair Says

Road to Riches with MoonBag’s Top Crypto Presale in 2024 - Analysts Name MBAG a Better Investment...

Cardano Upgrades Key Node After Outsmarting Attempted Mainnet Attack, Can ADA Break $5 This Bull ...

Join our free newsletter for daily crypto updates!