The past 10 days have seen an average daily inflow of $200 million into the Bitcoin Spot ETF, with Friday recording $385 million and Tuesday surpassing $530 million.
Despite the increased inflows of Bitcoin ETFs, the news of the approval of a spot Ethereum ETF means that the total cryptocurrency market cap is down 1.32% today. The total value has been hovering around $2.4 trillion for the past three days.
This is expected to be a direct impact of the Ethereum ETF approval, as traders hold the coin to react after the fund’s inflows report.
The launch of a full ETH spot fund could catapult the market to over $2.4 trillion, and if bullish sentiment is invalidated, this could push the market cap to the $2.3 trillion region.
Bitcoin price today is making waves, testing resistance again at $68,000 and falling to $66,755 at the time of writing.
Altcoins lead the 24-hour gainers list with coins like ENS, STRK, ETC, and MEW, while some of the biggest gainers like Huobi (HT), MAGA, and HOPR have also seen gains of over 50%.
Memecoins market cap also fell by 4.5% to $55.7 billion.
Bitcoin price is expected to reach $70,000.
Bitcoin price action over the past four days has shown a clear trend towards the $70k area associated with spot ETF inflows.
Bitcoin price is now at $66,755 finding the necessary support to make a strong breakout above the critical resistance level of $68,500. Currently, Bitcoin needs to control the bears and focus on price rallies to gather the strength of the rebound.
On the BTC/USDT chart, the Awesome Oscillator reveals positive moments around the asset in the short term.
The Alligator indicator is also applied, which indicates the trend direction and shows the open mouth structure, meaning that traders are still entering the position.
The expanding wedge channel pattern keeps resistance at the $70k level again.
Bitcoin is expected to break the $68,500 level and enter the $70,000 zone in the trading sessions.
Memecoins down for a while
Memecoins often perform in lockstep with Bitcoin; in today’s sessions, top memecoins DOGE, SHIB, PEPE, FLOKI, BRETT, and WIF were neutralized and fell.
MOG recorded the biggest loss, down by around 10% after hitting an all-time high of $0.00000243 yesterday.
Today, the crypto market is generally in a hold mode with some assets experiencing turmoil. It is best to hold and watch the market moves towards Ethereum ETF approval and other dynamics.
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