US BTC-Spot ETF Market Inflow Streak Extends to Seven

On Friday, the surge in US BTC-spot ETF market inflows reflected investor sentiment toward the Fed rate path. The upswing in US BTC-spot ETF demand aligned with the Coinbase Bitcoin Premium Index, pushing BTC to $65,000.

US BTC-spot ETF market inflows hit seven weeks on Friday, reflecting investor positioning ahead of key US economic data. A surge in demand for US BTC-spot ETFs, coupled with the Coinbase Bitcoin Premium Index, pushed BTC to the $65,000 level.

Farside Investors reports that the US BTC-spot ETF market saw a net inflow of $252.0 million on Friday, marking the highest since July 22 ($485.9 million).

Crucial Events to Monitor

This week could be pivotal for crypto markets, with the US economic calendar taking center stage. Consumer confidence data (Tuesday) will highlight likely spending trends, where weaker confidence indicates a pullback in consumer spending, supporting a more dovish Fed rate path. US labor market data (Thursday) will also influence sentiment toward the US economy and Fed rate path.

Finally, Friday's US Personal Income and Outlays Report will be closely watched. Softer inflation figures and weaker personal income and spending could support a 50-basis point September Fed rate hike, which may boost demand for riskier assets like BTC. However, a sharp drop in spending could reignite fears of a US recession, potentially impacting BTC demand.

US Government Supply Threat

Beyond the economic calendar, the US government's BTC holdings continue to pose a supply risk. The US government currently holds 203,239 BTC, and any transfers could fuel speculation of an oversupply, potentially driving BTC below the $60,000 level.

Investors are advised to be vigilant as any shifts in supply-demand dynamics could impact BTC's price trajectory. Stay up-to-date with our latest news and analysis to navigate your exposure to BTC and the broader crypto market.

Technical Analysis

Bitcoin Analysis

BTC remained above the 50-day and 200-day EMAs, showing bullish price signals.

A breakout from the $64,000 resistance level could support a move back to $65,000. Moreover, a break above $65,000 could give the bulls a run at the $69,000 resistance level. US BTC-spot ETF market chatter, sentiment toward the Fed rate path, and the US economy should be considered.

On the other hand, a BTC drop below the $64,000 support level could bring the 50-day EMA into play. A break below the 50-day EMA may give the bears a run at the $60,365 support level and the 200-day EMA.

With a 58.32 14-Daily RSI reading, BTC could climb to the $69,000 resistance level before entering overbought territory.

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