Bitcoin (BTC) broke above $62,000 on August 8 and now needs to maintain the $60,600 level on the daily chart to attempt a return to $65,000. According to trader Rect Capital on X (formerly Twitter).
An upward move with BTC chasing the CME gap between $59,400 and $62,550 is the difference between the closing and opening prices of futures contracts traded on the Chicago Mercantile Exchange.
“Bitcoin has broken the key resistance level at $60,600. If the price declines, it will touch this level again. If Bitcoin can maintain its price above $60,600, it is likely to test the next resistance at $65,000 in the near future,” said Rekt Capital.
Bitcoin returned to the weekly channel between $57,000 and $67,000 while testing the previous all-time high on the monthly timeframe.
Rekt Capital added in another post: The “post-loss re-accumulation period” may be in its final stages. He asserted that this period was coming to an end in annotated maps.
However, there are still significant challenges ahead for Bitcoin as it needs to close above the August lows to confirm the end of the retracement and a bullish return.
Funds are flowing into ETFs again
After starting the trading week with two consecutive days of capital outflows, spot bitcoin exchange-traded funds have recorded two consecutive days of capital inflows.
As of August 8, these products accounted for nearly $195 million, with BlackRock's IBIT under management seeing $157.6 million in inflows of $118.5 million.
Other ETFs that helped grow assets under management included Fidelity's FBTC, ARK 21Shares' ARKB and VanEck's HODL, which saw inflows of $65.2 million, $32.8 million and $3.4 million, respectively.
Meanwhile, Greyscale's GBTC continues to see cash outflows. Yesterday, $182.9 million was released from the fund.
Source: Encryption
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