Bitcoin (BTC) withdrew after reaching $67,000 with a 5% increase in the last 24 hours, upsetting investors. This recovery created a general sense of optimism in the cryptocurrency market.
Increase in Ethereum and Other Altcoins
Ethereum (ETH) rose by 7.5% to $3,527, while Solana (SOL) showed a significant increase near the $200 level. Meme tokens Shiba Inu (SHIB) and Dogecoin (DOGE) also stood out with upward trends.
Bitcoin’s approach to its all-time highs and then retracement to $60,000 affected investors. Negative net outflows in the ETF market also led to a stagnation in the market.
Downtrend Continues in Bitcoin ETFs
According to SoSoValue data, a total of -261.65 million dollar net outflows were observed in Bitcoin ETFs, especially Grayscale experienced significant losses. However, this situation may be a cause for concern for investors.
Bitcoin crossing above $67,000 led to the rise of many altcoins in the market. Bitcoin positioning above important moving averages gave hope for gains above $70,000. However, movements in RSI and trend lines should be closely monitored.
A potential weakness in the 50-day EMA is expected to lead Bitcoin to search for a new support level. In the event of a downturn, the 20-day EMA, 200-day EMA, and continuous trend line are seen as potential support areas. The MACD indicator also gives bullish signals.
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