Last updated:
Author
Arslan Butt
Author
Arslan Butt
Share
Why Trust Cryptonews
Bitcoin (BTC), the leading cryptocurrency, surged to an intra-day high of $62,500, driven by a significant increase in inflows into U.S. spot Bitcoin exchange-traded funds (ETFs).
This influx of funds has fueled bullish sentiment in the market, contributing to the cryptocurrency’s rally.
Additionally, renewed investor confidence, supported by recent positive regulatory developments, has further bolstered Bitcoin’s recovery.
However, experts caution that this upward trend might be short-lived. Peter Brandt has indicated a 50% chance that Bitcoin could experience a decline of more than 35% before the next halving event, with current price movements potentially reflecting a bearish pattern.
According to the latest report, U.S. spot Bitcoin exchange-traded funds (ETFs) saw a significant surge in inflows on August 8, totalling $192.56 million, up from $45.14 million the previous day.
BlackRock’s IBIT led with $157.6 million, pushing its total inflows to $20.3 billion, while WisdomTree’s BTCW followed with $18.5 million.
Other funds like Fidelity’s FBTC and ARK 21Shares’s ARKB also saw notable inflows of $6.2 million and $3.8 million, respectively.
Despite these gains, Grayscale’s GBTC experienced outflows of $2.9 million. Meanwhile, spot Ether ETFs faced outflows of $2.9 million, with Grayscale’s ETHE fund leading the decline. BlackRock’s ETHA and a few others saw minor inflows. Overall, Bitcoin was trading at $60,914, while Ethereum’s ETF sector faced a slight increase in trading volume but continues to experience cumulative outflows.
Therefore, the surge in Bitcoin ETF inflows likely supports BTC’s price stability and growth, while Ethereum ETFs’ outflows might contribute to Ethereum’s price challenges.
Bitcoin’s price has recently experienced significant volatility, falling to $48,800 and climbing to $60,000 within a week. Peter Brandt, a veteran investor, warns that Bitcoin could drop below $40,000 before the end of next year, with a 50% chance of a decline greater than 35%.
He suggests that this year’s price movements might resemble the dramatic fluctuations observed during the early COVID-19 pandemic, potentially forming an inverted right-angled broadening triangle pattern.
If this pattern persists, it could indicate a reversal in Bitcoin’s current upward trend. At present, Bitcoin is trading at around $59,800, reflecting a 2.03% increase over the past 24 hours. However, its market cap has decreased to $1.177 trillion, while trading volume remains steady at $41.5 billion.
Therefore, the recent volatility and Brandt’s warning suggest Bitcoin might face further declines, potentially dropping below $40,000. The identified pattern could signal a reversal, impacting Bitcoin’s upward momentum.
Current trading at $59,800 reflects short-term gains, but a reduced market cap and steady volume indicate mixed sentiment.
Bitcoin Nears $61,000 with Bullish Momentum
Bitcoin’s current trading environment demands heightened attention as it hovers near the $61,950 mark on the 4-hour chart. Our focused technical examination reveals crucial price thresholds that could determine the cryptocurrency’s short-term direction.
The pivot point stands at $62,000, with immediate resistance observed at $62,500. Further resistances are placed at $63,000 and $64,000, respectively. On the support side, Bitcoin finds immediate backing at $61,500, with additional support levels at $61,000 and $60,000.
The Relative Strength Index (RSI) is currently at 45, indicating a neutral momentum without clear signals towards a bullish or bearish trend. The 50-Day Exponential Moving Average (EMA), crucially positioned at $62,100, serves as a significant technical barrier.
Given the alignment of the 50 EMA with key technical levels, a strategic approach would be advisable. Selling below the $62,100 threshold might be a conservative strategy, as penetration below this level could signal further declines.
Why Pepe Unchained ($PEPU) Is a Strong Addition to Your Crypto Portfolio
Meme coins are on the rise, and $PEPU, a promising newcomer, offers the potential for substantial gains.
Presale Advantage: Investing in $PEPU during its presale could lead to significant returns, according to crypto experts like Jacob Crypto Bury.
Passive Income Opportunity: The 499% APY staking feature presents an attractive opportunity for generating passive income.
Investor Confidence: With 321 million $PEPU tokens already staked, there is strong investor confidence in the project’s long-term prospects.
Don’t Miss Out on the Pepe Unchained Presale
Secure Investment: Pepe Unchained’s smart contract has been thoroughly audited by Coinsult and SolidProof.
Easy Purchase Options: You can buy $PEPU using ETH, USDT, BNB, or a credit card.
Take Action Now: Don’t miss this opportunity to potentially grow your wealth significantly!
This sentiment is echoed by popular crypto YouTuber Jacob Crypto Bury, who anticipates strong growth for meme coins this year and highlights the benefits of investing in presales like Pepe Unchained.
Buy $PEPU Presale Now
The presale is nearing its next price increase, with $7,834,573 raised out of the $7,341,742 goal. Currently, 1 $PEPU is priced at $0.0089461. Secure your investment before the price goes up!
