Bitcoin Higher on Positive Sentiment and ETF inflows

11 Temmuz 2024

Today market analysis on behalf of Milad Azar Market Analyst at XTB MENA

Today, Bitcoin (BTC) saw a positive shift as prices could be heading towards the USD 60,000 level, rebounding after multiple weeks of losses since June. The asset could benefit from traders buying the dip as they take advantage of lower prices as the asset’s decline could be temporary after recovering from its lows in 2023.

Strong inflows of capital into Bitcoin spot ETFs for a third day in a row, indicating increased investor interest, could support a rebound in Bitcoin prices if inflows continue. However, concerns about bitcoin liquidations from the German state could remain present, limiting the upside potential for the market.

Additionally, upcoming macroeconomic indicators, like the CPI data, as well as Jerome Powell’s comments before Congress could heavily impact the Bitcoin-dollar pair. Higher-than-expected inflation might prompt tighter monetary policies, potentially limiting near-term Bitcoin’s bullish trend. Conversely, Bitcoin could benefit from lower inflation rates and continue on its ongoing growth trajectory.

 

Zaid Barem / YMM