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    Bitcoin Price Warning: $530M ETF Inflow Could Lead to Profit Taking, Says Trader

    Bitcoin Price Prediction

    Recent inflows of $530 million into Bitcoin ETFs, notably BlackRock’s IBIT, have sparked mixed Bitcoin price predictions.

    While initially appearing bullish, historical patterns suggest these inflows may lead to profit-taking and increased market volatility, potentially causing a temporary price dip.

    Bitcoin ETF Inflows of $530 Million May Signal Potential Price Dip


    Recent large inflows into Bitcoin ETFs could signal a potential price dip. On July 23, Bitcoin ETFs experienced a significant inflow of $530 million, largely due to BlackRock’s $523 million investment.

    Historically, such substantial inflows have often been followed by price sell-offs. This is typically caused by investors taking profits, selling some of their holdings to lock in gains, thus creating temporary downward pressure on the market.

    Another large inflow day$BTC
    As bullish as this is each other time IBIT reported mid – high 9 fig inflow days it occurred around market supply zones

    somewhat a headline curse lol

    So in terms of actually trading this, the obvious part is now does the market sustain this… https://t.co/qdGwMAvVjl pic.twitter.com/iZ921tpKHW

    — Skew Δ (@52kskew) July 23, 2024

    Large ETF inflows historically followed by price sell-offs. Profit-taking by investors creates temporary downward pressure.

    Additionally, large investments can increase market volatility, leading to price fluctuations and uncertainty. While the investment may indicate positive long-term prospects for Bitcoin, the immediate market reaction could be less favorable.

    The recent launch of Ethereum ETFs has also not resulted in a significant price increase for ETH, suggesting a cautious market sentiment. The full impact of these ETF inflows remains to be seen.

    Ethereum ETFs Launch, Bitcoin Resilient Amidst Market Volatility

    The SEC’s approval of spot Ethereum ETFs is a landmark moment for the crypto industry. Major institutions like BlackRock and Fidelity are now set to launch their own ETH ETFs, signaling growing mainstream acceptance of cryptocurrencies.

    Spot Ethereum ETFs launched on July 23rd. Major institutions like BlackRock and Fidelity entering the market.

    Despite this positive development, Ethereum’s price dipped slightly to $3,470. Bitcoin, on the other hand, remained steady despite a large transfer by Mt. Gox.

    Ethereum’s price dipped 0.6% to $3,470. Bitcoin remained resilient despite a large Mt. Gox transfer.

    Market volatility is expected due to the Ethereum ETF launches and Mt. Gox creditor distributions. Additionally, Grayscale’s $1 billion Ethereum transfer to Coinbase Prime and the successful presale of DeFi platform CYBRO, raising $1.4 million, are further contributing factors.

    Bitcoin Price Prediction

    Bitcoin (BTC/USD) is currently trading at $65,799, slightly below its 50-day Exponential Moving Average (EMA) of $66,448. Despite the recent dip, BTC is finding support from a crucial upward trendline of around $65,500. This price level is critical and could potentially act as a springboard for a rebound.

    Technical indicators offer mixed signals. The Relative Strength Index (RSI) is at 41.15, nearing oversold territory, which suggests the possibility of an upward price correction.

    However, the 50-Day EMA is currently acting as resistance, posing a challenge for sustained upward movement.

    Bitcoin Price Prediction

    The immediate future of Bitcoin’s price hinges on the $65,500 support level. If this level holds, traders could anticipate a potential bullish move towards the resistance levels of $66,069, $66,448, and $67,357.

    Conversely, if Bitcoin breaks below $65,500, it could trigger further declines, potentially targeting the support levels of $65,498, $64,898, and $64,076.

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    Wiener AI: The AI-Powered Meme Coin Drawing Serious Attention


    Wiener AI (WAI), the latest AI-driven meme coin featuring a playful sausage dog theme, is capturing significant investor interest.

    Beyond the Meme: WAI provides advanced AI trading tools, elevating it beyond a simple novelty. The project has raised nearly $7.5 million in its presale, indicating robust demand.

    AI Boom: The growing interest in AI, particularly following Nvidia’s outstanding earnings, is anticipated to boost WAI’s popularity further.

    Passive Income Potential: WAI offers substantial passive income opportunities. With 20% of the total supply designated for staking rewards, investors can earn an impressive 396% APY.

    Expert Endorsement: Renowned crypto analyst Michael Wrubel has highlighted WAI as one of his top cryptocurrency picks for 2024.

    Act Now: The presale price of WAI is currently $0.00073 and is expected to rise soon. Early investors could see significant gains if WAI secures market leadership.

    Buy Wiener AI Here

    The post Bitcoin Price Warning: $530M ETF Inflow Could Lead to Profit Taking, Says Trader appeared first on Cryptonews.