Bitcoin Price Prediction as Spot ETFs Witness $237 Million Outflow – New Bear Market Starting
Bitcoin
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We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More
Amid escalating Middle Eastern tensions and recession fears, Bitcoin’s price prediction remains uncertain as BTC falls sharply.
The recent $237 million outflow from U.S. spot Bitcoin ETFs has intensified market speculation, prompting concerns of a potential new bear market.
This significant outflow marks the largest single-day withdrawal in over 90 days and the fourth largest since the ETF’s inception in January.
📉 On August 2, there was a total net outflow of $237 million in US spot BTC-ETFs.
▫️Grayscale ETF – outflow of $45.94 million;
▫️Fidelity ETF – outflow of $104 million;
▫️BlackRock ETF – outflow of $87.06 million#ETF #ETFs #BTC pic.twitter.com/jGw2T73pPp— PRO BLOCKCHAIN (@PRO_BLOCKCHAIN) August 3, 2024
Such a significant withdrawal can put downward pressure on Bitcoin’s price. When investors pull money out of Bitcoin ETFs, it often reflects broader selling pressure in the market, which can contribute to a decline in Bitcoin’s spot price.
The current Bitcoin price prediction reflects growing bearish sentiment, as BTC/USD trades at approximately $60,320, experiencing a 2% decline over the past 24 hours.
Technical indicators show Bitcoin facing strong resistance at the $61,000 level, with selling pressure potentially driving prices lower. Let’s delve deeper into the technical outlook.
Bitcoin Price Prediction
Bitcoin (BTC/USD) is currently trading at approximately $60,320, reflecting a decline of nearly 2% in the last 24 hours.
The cryptocurrency’s 24-hour trading volume is around $27.3 billion, with a market capitalization of approximately $1.19 trillion, maintaining its position as the leading cryptocurrency.
📉 #Bitcoin is trading at $60,320, facing strong resistance at $61,000. With RSI at 31 signaling oversold conditions, caution is advised. Potential downtrend could push BTC to $58,300 if bearish momentum persists. #CryptoAnalysis #BTC pic.twitter.com/oIW6JJBit7
— Arslan Ali (@forex_arslan) August 4, 2024
Technical analysis on the 4-hour chart shows Bitcoin moving within a downward channel, facing significant resistance at the $61,000 level. This resistance is reinforced by the 50-day exponential moving average (EMA) at $64,110, indicating strong selling pressure.
The Relative Strength Index (RSI) is at 31, signalling oversold conditions that could potentially lead to a price correction. Key support levels are identified at $60,000 and $58,300, with further support at $56,850.
The formation of a bearish engulfing pattern near the $61,000 resistance suggests a continuation of the downtrend, potentially driving prices toward the $58,300 support level if the bearish momentum persists.
Investors are advised to approach the market with caution, considering selling below $61,000, while a breakout above this level could signal a potential rebound.
However, given the prevailing bearish sentiment and macroeconomic uncertainties, Bitcoin’s price may continue to face downward pressure in the near term.
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