Bitcoin (BTC) Market Analysis: Spot ETFs Experience a Sudden Shift as a Prominent Whale Aggressively Accumulates

The crypto market is on edge as Bitcoin spot ETFs in the U.S. experience a sudden shift, with Bitcoin jumping 4% on Monday and critical CPI data looming on Wednesday.

As we navigate the ever-shifting crypto landscape, here's a snapshot of the key events:

Bitcoin spot ETFs in the U.S. saw a swift change with a collective net inflow of $28.72 million on Monday. This marks a departure from the outflows observed over the last eight sessions. Fidelity's FBTC led the inflows, amassing $28.6 million, while other Funds like Bitwise and Ark Invest's have also joined the ranks. On the other hand, Grayscale’s Grayscale Bitcoin Trust (GBTC) suffered an outflow of $22.76 million, while BlackRock’s IShares Bitcoin Trust (IBIT) wasn’t far behind, losing $9.06 million. Despite the inflows, overall trading volume plummeted to $1.61 billion from $2.39 billion a few days ago.

Now, let's quickly zoom out and check the broader crypto market. The Crypto Total Market Cap (TOTAL) glance at the flattening気丝ないfake-out risk. After sweeping through key levels at $1.777T, resistance is building around $2.09T . With three fake-outs already on the radar, I'm wary of sudden price reversals. CCI bullish divergence offers a glimmer of hope on the daily timeframe, but I'm unsure of a sustained recovery. A 7% move to the next level of interest could be in play, but I'm continuing to bank profits along the way—I don't want to get caught off guard.

Finally, let's shift our attention to Bitcoin's daily price action. The king of crypto is seen hovering around the $57,000 mark, but bearish signals are brewing. A potential Death Cross on the daily timeframe could indicate further declines, especially if critical support at $54,108 gives way, leading Bitcoin into the $44,000-$45,000 range. I'm keeping an eye out for breakouts above $58,000, but the Daily Death Cross is lurking at around $59,500.

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This article was written by Matthew Stella. At the time of writing this article, Bitcoin was trading at $57,156.

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