Bitcoin (BTC) News Today: Miner Sale Trends and Spot ETF Outflows

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BTC Drops Below $66,000 on Bitcoin Miner Sales and ETF Outflows

On Friday (June 14), bitcoin (BTC) declined by 1.01%. Following a 2.22% slide from Thursday (June 13), BTC ended the session at $66,109.

Bitcoin miners offloaded BTC this week in response to falling mining revenue. According to CryptoQuant, Bitcoin miners sold 1,200 BTC via OTC desks on June 10 alone, the most marked selling volume in two months. The spike in selling coincided with the BTC price retreat from $70,000.

BTC Miners Selling Chart 150624

Moreover, CryptoQuant graded the Miner’s Position Index (MPI) as moderately selling.

Over the last 24 hours, long position liquidations totaled 27,508,946 versus short position liquidations totaling 8,915,579.

US BTC-Spot ETF Market Eyes Another Session of Net Outflows

Furthermore, US BTC-spot ETF market outflows signaled a weaker demand environment, contributing to the losses.

The US BTC-spot ETF market saw total net outflows of $226.2 million on Thursday (June 13). On Friday, US BTC-spot ETF market outflows continued to impact buyer demand for BTC.

According to Farside Investors,

  • Fidelity Wise Origin Bitcoin Fund (FBTC) saw net outflows of $80.1 million after outflows of $106.4 million on Thursday.
  • Grayscale Bitcoin Trust (GBTC) had net outflows of $52.3 million, down from $61.5 million on Thursday.
  • ARK 21Shares Bitcoin ETF (ARKB) saw net outflows of $49.0 million (Previous Day: -$52.7 million).
  • Bitwise Bitcoin ETF (BITB) reported net outflows of $7.1 million vs. outflows of $9.8 million on Thursday.
  • On Friday, the US BTC-spot ETF market saw total net outflows of $189.9 million.

The US BTC-spot ETF market remained sensitive to the Fed interest rate trajectory. More hawkish FOMC economic projections added to the gloomy investor mood mid-week. BTC trended lower despite softer-than-expected US inflation numbers raising bets on a September Fed rate cut.

On Friday, the Michigan Inflation Expectations Index impacted buyer demand for BTC after holding steady at 3.3% in June. Sticky inflation numbers from the US could materially influence the Fed rate path.

According to the CME FedWatch Tool, the chances of the Fed standing pat in September fell from 49.5% to 32.3% in the week ending June 14. A higher Federal Funds Rate projection for 2024 remained a BTC headwind.

Technical Analysis

Bitcoin Analysis

BTC was below the 50-day EMA while remaining above the 200-day EMA, affirming bearish near-term but bullish longer-term price signals.

A BTC breakout from the 50-day EMA would support a move to the $69,000 resistance level. A break above the $69,000 resistance level could signal a move toward the $73,808 all-time high.

US politics, SEC activity, and sentiment toward the Fed rate path require consideration.

Conversely, a BTC break below $65,000 could give the bears a run at the $64,000 support level.

With a 42.97 14-Daily RSI reading, BTC could break below the $64,000 support level before entering oversold territory.

BTCUSD Daily Chart 150624

Ethereum Analysis

ETH hovered below the 50-day EMA while holding above 200-day EMAs, affirming the bearish near-term but bullish longer-term price signals.

A breakout from the 50-day EMA could signal a move to the $3,600 handle. A break above the $3,600 handle could bring the $3,835 resistance level into play.

US ETH-spot ETF-related updates also need consideration.

Conversely, an ETH drop below the $3,480 support level could give the bears a run at the $3,244 support level.

The 14-period Daily RSI reading, 43.55, indicates an ETH drop to the $3,244 support level before entering oversold territory.

ETHUSD Daily Chart 150624

This article was originally posted on FX Empire

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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