Bitcoin ETFs sold again overwhelmed the markets, after a $1.42 Billion outflow last week followed by a $1.26 Billion outflow in the prior week.
BTC’s fall from $72,500 to $62,500 in the following months raised fears that BTC would return to the range of $60,000-$70,000 that it was fixed at during February and April. However, Cointelegraph’s report showed spot volumes kicking in To defend the $70,00 support.
BTC/USDT aggregated spot volumes. Source: Velo
According to the data, spot CVD is not dominated by dip buyers, especially in light of the recent ETF liquidations and BTC inflows into Coinbase.
Bitcoin exchange inflows, Coinbase. Source: CryptoQuant
The heatmap of open interest data shows that nearly $300 million is concentrated within the band yellow, which represents $73,000-$74,000 and where traders have appeared to be opening new leveraged positions.
Open interest heatmap, seven-day lookback. Source: Hyblock
Hyblock’s order-book metric, set to 10%, shows that the bid side is dominant. This reinforces the belief that traders are seeing prices below $75,000 discounted and buying.
BTC/USDT bidding-asking ratio (depth of 10%) is positive. Source: Hyblock
The range of the indicator is -1 to +1, with a value above zero showing an increasing disequilibrium in orderbook structures.
Longs perps, spot purchases and other buying activities are not sufficient to reverse Bitcoin’s downtrend. However, they do help absorb selling to put a support (or floor) under the price.
Related: US has seized nearly $1 billion in Iranian crypto, Treasury secretary says
To trigger more spot and futures positions in BTC, and beyond technical factors, there are a number of other catalysts that will be needed in the near-term. This includes a recent peace agreement between Iran and the US, positive ETF spot BTC inflows as well as falling crude oil price.
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Source: cointelegraph.com
