🔍 On-Chain Analysis:
📉 Selling Side Exhaustion: Selling Side LiveChart We have observed exhaustion on the selling side of Bitcoin in recent days, given that the price remains above $66,000 and volumes decrease when the price drops. The chart below exemplifies that the short-term risk on the selling side is at its lowest for the year, resembling October 2023, when the price broke above $32,000 and consolidated after the narrative of ETFs became a reality.
📊 Support Levels: Additionally, the current price for short-term investors is at $61,000, making it an even more definitive support during this post-halving period.
📈 Future Markets:
⏳ Short-Term Outlook: For the short term, liquidity maps indicate that there is a chance to retest $67,300 relatively easily, continuing to stay within the $67,000 to $70,000 range.
📊 ETFs Update:
💰 ETF Flows: The flow of ETFs is below average but remains positive, with an average daily balance of $70 million per day. Despite being lower than the average, it is still positive.
❓ Has the ETF Narrative Ended? No, despite the relatively low volume over the past 5 days, institutional investors are still in the phase of due diligence and portfolio adjustments.
🆕 Recent Developments: Recently, there was a highly anticipated investment in Bitcoin via ETFs by pension funds. Why is this important? The Wyoming pension fund added $160 million in BTC ETFs from BlackRock and Grayscale to its portfolio. Pension funds invest for the long term, and this news suggests that long-term institutional investors are indeed mobilizing to acquire digital gold. Show Less
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