According to Farside Investors,
- On Monday, Grayscale Bitcoin Trust (GBTC) saw net outflows of $54.3 million.
- Bitwise Bitcoin ETF (BITB) had net outflows of $21.3 million.
- Fidelity Wise Origin Bitcoin Fund (FBTC) reported net outflows of $5.9 million.
Excluding flow data for iShares Bitcoin Trust (IBIT), the US BTC-spot ETF market saw total net outflows of $81.5 million. (Previous session: Inflows of $51.8 million).
The US BTC-spot ETF market outflows coincided with the US Government moves and lingering oversupply risk from Mt. Gox’s repayment to its creditors.
On Tuesday, July 30, the US Government held 183,493 BTC ($12.16 billion), while Mt. Gox had 80,128 BTC ($5.31 billion).
Oversupply threats and increased BTC sales volume could signal a BTC fall toward $50,000.
Investors should remain alert. Mt. Gox-related updates, US BTC-spot ETF flow data, and US politics will influence BTC demand. Monitor real-time data and expert commentary to adjust your trading strategies accordingly. Stay up-to-date with our latest news and analysis to manage crypto market risk.
Technical Analysis
Bitcoin Analysis
BTC remained above the 50-day and 200-day EMAs, confirming the bullish price trends.
A BTC break above the $69,000 resistance level would support a return to $70,000. A breakout from $70,000 could signal a move to the all-time high of $73,808.
US politics, US BTC-spot ETF flow data, and BTC supply-related news require consideration.
On the other hand, a drop below $65,000 could signal a fall to the 50-day EMA and the $64,000 support level. Buying pressure could increase at the $64,000 support level. The 50-day EMA is confluent with the support level.
With a 56.36 14-Daily RSI reading, BTC could climb to $70,000 before entering overbought territory.
