$56,000 - $59,000 will be a crucial range for Bitcoin
The #Bitcoin Spot ETFs, reportedly, have experienced -$326.2M in outflows, with the lowest net inflows coming in for $IBIT. This is where it gets scary. A few weeks back, the price of $BTC would increase as the net flow into the ETFs continued reporting positive data. We were stuck in that loop for a while, until the market became exhausted around $73,700. There was decreasing volume with ATH open interest. When the market started to reverse based on futures data, the drop initially was slow. But because the Spot ETFs report transactions to the public after 1 or 2 days, the price of Bitcoin continued dropping based on speculation. Now we are in the inverse loop where the price is dropping because the ETFs are reporting outflows. This is a delayed response, similar to the pumps in price, as the ETFs rely on a T+1/T+2 standard. The question is, when will it stop? Well, I personally think that $56,000 - $59,000 will be a crucial range for Bitcoin, and I will buy as much as possible within that zone. I don’t believe that we would fall below $47,000, as that would be aligned with the Fibonacci golden pocket on the monthly. $iShares Bitcoin Trust(IBIT)$
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