Bitcoin hesitant despite strong ETF inflows

18 Temmuz 2024

Today’s market analysis on behalf of Mazen Salhab Chief Market Strategist MENA in BDSwiss

Bitcoin prices were under some pressure after a rebound during the last few of days. The asset remained below the USD 65,000 level following the recent rally and could see some price correction risks. In addition, Concerns about Mt. Gox assets liquidations could continue to dampen sentiment in the near term.

However, the positive momentum could continue with cryptocurrency’s ETF inflows reaching a six-week peak of USD 422.5 million, indicating growing investor confidence. Furthermore, the crypto market also benefitted from broader market optimism due to the increasing expectations for a Trump win in the US elections.

While optimism persists, Bitcoin’s bullish trajectory could depend on maintaining specific price levels, notably breaching the USD 65,000 level, which could be crucial for sustaining further upside.

Meanwhile, Ethereum could continue to advance, supported by institutional investors who could drive significant inflows into spot ETFs, pushing ETH prices to the upside. This reflects broader trends in the crypto market, where increasing institutional interest is driving substantial investments.

 

Zaid Barem / YMM