What’s Next for Bitcoin After ETF Launch?

Can ETH Hit New Highs This Year?

Current Market Overview

• Market Cap & Volume:

  • Total market cap: $1.2 trillion (down).

  • Trading volume: Up by 13%.

  • BTC inflow since midnight: 1214 BTC.

  • Yesterday’s BTC inflows: 2648 BTC.

• Fear and Greed Index:

  

  • Current index: 69 (fearful market).

  • Last hour’s data: Sell-off in progress.

  • Bitcoin: Down by 1.65%.

  • Ethereum: Down by 55%.

Bitcoin Price Analysis

• Current Price:

  

  • Bitcoin price: $65,833.

  • Resistance faced around $67,000.

  • Current support: $65,279.

  • Resistance level remains the same.

• Monthly Candle Closing:

  • Historically, closing above all-time high triggers a bull run (seen in 2017 and 2020).

  • Bitcoin has struggled to close above its high of $69,000 in the last five attempts.

  • A close above $70,000 could signal bullish momentum.

ETF and Market Sentiment

• BlackRock Data:

  

  • Negative Bitcoin ETF data: $78 million worth sold.

  • Positive Ethereum ETF movement: $1 billion in volume.

  

  • BlackRock purchases: $266 million in Bitcoin and Ethereum.

  • Bitwise purchases: $204 million.

• Grayscale Impact:

  • Historically negative data from Grayscale impacts Bitcoin ETF prices.

  • Overall positive ETF data: $106 million despite Grayscale’s negative influence.

    

  • After the launch of Ether ETFs, crypto analysts suggest traders should brace for surprises. Despite recent price stability, Ether’s staked supply and market sentiment indicate potential for significant future gains.

WazirX Hack Update

• Hack Details:

  

  • Target: Wallets, not the exchange itself.

  • No impact on IR funds.

  • WazirX working to resume deposits, withdrawals, and trading.

  • 133 inquiries received related to the bounty program.

• Current Situation:

  • Stolen funds being moved to various wallets.

  • Exchange aims to return at least 50% of funds to users.

  • No positive updates yet on the hack’s resolution.

Additional Updates

• US Election Impact:

  

  • Kamala Harris: 36% chance of winning.

  • Donald Trump: 61% chance.

  • Harris is viewed as more crypto-friendly compared to Biden.

• Mt. Gox Trustee Actions:

  

  • Mt. Gox has transferred $2.5 billion in Bitcoin to an unknown wallet. Over 40% of creditor repayments have been distributed.

  • This action adds to market selling pressure.

  • Users are receiving their Bitcoin, contributing to the current market sentiment

    

Bitcoin faces resistance at $67,000 with a support level at $65,279. ETF data is mixed, with BlackRock and Grayscale impacting sentiment. WazirX hack unresolved, and Mt. Gox actions add pressure.